London Market Launches Data Capture Service Designed to Cut Data Re-Keying

The London Market Group (LMG) announced that one of the core solutions for improving the London market’s efficiency, called structured data capture (SDC), has gone live for the lines of terrorism, financial lines, marine, property and casualty.

By removing the need to re-key data, SDC aims to be one of the core solutions in the London market’s Target Operating Model (LM TOM), an initiative that is modernizing the London market, thereby making it easier to do business in and with the market.

SDC is described by LMG as an online service that converts the policy wording of a paper market reform contract (MRC) “into consistent electronic data that can then be ingested by the carriers’ own systems, which removes the need to re-key data and reducing errors.” (MRCs were developed to provide a standard form for submissions in the London market).

The new SDC service means that MRC data can be entered only once and then re-used many times, said a statement from LMG, which is an association of London market associations – the International Underwriting Association (IUA), the London and International Insurance Brokers Association (LIIBA), the Lloyd’s Market Association (LMA) and the Corporation of Lloyd’s.

“SDC will avoid significant duplication of effort by the market,” which allows insurers and brokers to concentrate on “the activities where they can really add value. It takes the market a step closer to one touch data capture, a core objective of the LM TOM,” commented Michael Gould, COO of Talbot Underwriting and chair of the SDC Steering Committee.

“Market support for the project has been very strong and we are tremendously grateful to all the practitioners who have invested their time and energy in getting SDC live,” he added. “We expect the number of participants in the system to build strongly over the coming months, not least because the service will be free until the end of 2017. 2018 will see further development in the system introducing more lines of business.”

Target Operating Model (TOM)

The Lloyd’s of London website describes the two principles at the heart of TOM:

• One touch data capture, in a common, global digital format, whereby data is entered only once, on behalf of all carriers and brokers, reducing risk of error and costly re-entry in multiple formats.
• Centralized administration and non-competitive services, allowing insurers and brokers to concentrate on their key business objectives.

Related:

• London Market’s Placing Platform, PPL, Expands Offering with Marine Lines
• London Market’s Electronic Placing Platform Binds 1st Standalone Terrorism Risk
• London Market’s Electronic Placing Platform Begins Trading Terrorism Risks

Topics New Markets London