London Market eliminates need to re-key data
The London Market Group (LMG) said on Aug. 8 that it introduced an online service that converts the contents of a paper Market Reform Contract (MRC) – the policy wording – into consistent electronic data that can then be ingested by the carriers’ own systems.
The so-called Structured Data Capture (SDC) removes the need to re-key data and reduces errors and went live for terrorism, financial lines, marine, property & casualty, according to the statement.
The service means that MRC data can be entered only once and then re-used many times. It will also allow it to be passed from one Target Operating Model (TOM) solution to another through the value chain.
Michael Gould, chief operating officer of Talbot Underwriting and chair of the SDC Steering Committee commented:
“SDC will avoid significant duplication of effort by the market, allowing them to concentrate 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 London Market TOM.
“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.”
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