LMG pilots project to unlock Lloyd’s reference data

The London Market Group (LMG), in collaboration with specialist insurer Beazley, has successfully delivered a pilot project to unlock Lloyd's reference data and make it easily available across the market.

According to the LMG, the pilot has delivered all the broker, coverholder and carrier reference data from the Lloyd’s market directory though a web service, enabling the recipient to feed it directly into their systems with no re-keying required.

Reference data is key component for the delivery of the target operating model (TOM), said the group.

The model includes around 20 basic component parts, including currency codes, risk codes, broker and broker numbers. LMG said that ensuring that these are sourced in the same way by all market participants will mean that information can move accurately and efficiently between all parties.

Helen Crooks, chief data office for Lloyd’s and champion of the data initiative, commented: “Earlier this year, the TOM steering board approved an overarching work stream focused on data management.

“So we are, for the very first time across our market, establishing global data standards. This pilot is a first step in that process. Consistent use of a single set of reference data is vital to improve ease of data exchange and re-use across the market. We wanted to demonstrate that that we could take an existing service and move it seamlessly on line.”

Tim Kelly, enterprise data architect at Beazley and market lead for data management, added: “We were very pleased to help facilitate this pilot and to show that data could flow from the market directory into our systems.

“The next step will be to make this service available to any market participant and to extend the scope of the service from Lloyd's data to London market reference data, eventually providing a one stop shop for good quality validated reference data for the whole London market.”