If you are interested in attending one of the Structured Data Capture (SDC) demonstrations, please visit the LMA website.
What is it?
A simple online service that converts the content of a Market Reform Contract (MRC) into consistent, electronic data in line with ACORD standards. SDC is also looking at the digitisation of other document types such as endorsements and schedules.
Documents can be submitted through PPL, email, TMEL or via an online portal. A Global Placement Message is then returned via email or integrated with existing carrier systems.
Digitised data is supplied to carriers, contributing to straight-through processing across the market.
Information from MRCs is repeatedly re-keyed by multiple carriers associated with the risk.
Time and resource is spent rectifying inaccurate, inconsistent or poor quality data.
MRC data is digitised and aligned with 120 master fields, including over 275 data items.
An ACORD Global Placement Message is created and delivered to carriers for automatic consumption into their policy admin system.
Consistent data is available to all carriers involved in the MRC.
Time is freed up to concentrate on value-add activities.
What are the benefits?
Data does not have to be repeatedly re-keyed by multiple carriers.
The same MRC data will be shared through market place processes improving data quality and reducing future, downstream anomalies during renewals or claims.
Automated, low-cost MRC data capture will improve productivity, by reducing the duplication of MRC data entered by multiple firms. This enables market practitioners to concentrate on higher value activities and potentially reduce costs.
Electronic data conforming to ACORD standards is delivered by and contributes towards straight-through processing.
Eventually, further opportunities for cost savings may be realised, for example, the use of SDC data for Bureau processing to unlock efficiencies.
Carriers can be confident that SDC is aligned to processes being introduced by Lloyds Europe S.A.
What are the key dates in 2017?
Beta test with pilot group of carriers
Multi-Section MRCs and additional Classes of Business, including Aviation General, Aviation Space, Accident & Health, Political Risk, Property Construction and Marine War.
Key progress to date
A six week pilot was carried out late in Q4 2016 with ten carriers.
95 target fields in a Terrorism Market Reform Contract (MRC) were developed for capture.
Information that was extracted demonstrated 95% accuracy based on carrier feedback.
The positive outcomes and feedback from the pilot established the basis for a central service model.
Delivery of the Structured Data Capture service for Market Reform Contracts (MRC) with associated capabilities to support
Launch of a live, cost-effective service to early adopters.
Delivery of SDC solution to more classes of business.