LMG reveals key milestones for Blueprint Two modernisation programme
The London Market Group’s (LMG’s) Data Council has revealed an important milestone in its digital transformation journey with the publication of two key elements of the Blueprint Two modernisation programme.
The Council has published the core data record (CDR v3.2) for open market business and the latest version of the market reform contract (MRC v3).
The LMA council will monitor the MRC v3 adoption rates and has put in place an annual process to govern the changes in CDR. The CDR, by the nature of its contents, will continue to evolve to accommodate changes in tax and regulatory requirements.
The next key date is September 30, 2023, by when all brokers should have started to produce MRC v3 compliant contractual documents from their systems.
Sheila Cameron (pictured), chair of the Data Council and CEO of the Lloyd’s Market Association, said: “The market has worked collaboratively to achieve another important milestone in its digital journey. The publication of these assets gives the market visibility over the library of data fields from which they can build the MRC v3, and the template they should use.
“While the entire CDR is around 230 fields, the number required will depend on the complexity of the risk. The most simple Lloyd’s risks only need 61, while an average Lloyd’s or mixed market risk will need 125 fields. It is worth bearing in mind that buying a single item on Amazon to be delivered to your home takes about 30 fields.”
Cameron added: “Our ambition is to get widespread market adoption of the MRC v3 standard. This will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention. It will be fundamental to the success of our transformation for open market placement.”
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