A service that converts information held in a variety of formats into structured data.It uses a combination of software tools and manual processes to extract the data from the Market Reform Contract. A Global Placement Message is then created to move the data between systems and organisations.
Why do we need it?
A key step towards straight through processing, making it easier and more efficient do business and reduce costs for carriers.
How is it used?
Participants can elect to use the Structured Data Capture service through PPL, or directly via a web portal or an integrated web service.
What difference will this make to practitioners?
Opportunity to improve accuracy and quality of data for the carrier and the market.
Opportunity to reduce expenses for carriers.
A key step towards straight through processing.
Maximise the benefit of PPL.
Creates useful MI and market efficiencies.
Free of charge for carriers in 2017.
What are the key dates in 2017?
Beta test with pilot group of carriers
Additional carriers and ongoing enhancements and further COBs
August – December 2017
Launch of the full live market service
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.