Wide market take-up demonstrates value of Market Business Glossary
13 December 2017 - The London Market Group (LMG) announced further progress on the Target Operating Model (LM TOM) with the second release of the Market Business Glossary. This is part of a suite of capabilities being developed to help the market to create and share better data.
This release of the Glossary will make the following additional content available to brokers, carriers, coverholders and TPAs:
- Reference data such as Class of Business, Risk Codes, Catastrophe Codes, etc can now be accessed. Further data sets will be published over the first half of 2018.
- Building on the existing standards for reporting property risks, standards for coverholders reporting on other classes have been agreed. This joined-up approach by the London Market is expected to make it easier to provide better quality information and to automate systems and processes.
Helen Crooks, Chief Data Officer at Lloyd’s and Market Champion for the Data Integration solutions, commented “We are making good progress in developing data standards and the value of agreeing and sharing definitions and rules for data is clearly demonstrated by the fact that over 100 market firms are using the Market Business Glossary, and around 350 individual users are registered.
“Data is a vital component of our work and our key aim is to get it flowing through the market in a uniform and consistent manner so that everyone can benefit from better quality information, delivered faster. We have always said that the Glossary will evolve with the inclusion of new features and data responding to the market’s priorities and needs. The next step will be to look at interfacing the Glossary with users’ in-house systems, and the introduction of an innovative collaboration functionality to allow data users to comment on, and influence, the rules and definitions contained within it.”
Notes to editors
More detailed information regarding the recommended use of these standards will be published by LM TOM early next year. These new risk standards do not fall under the Lloyd’s coverholder reporting requirements mandate, but do include key fields from these to enable coverholders to now report on a risk, premiums and claims basis.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158