London Market Launches Data Council

The London Market Group is pleased to announce the creation of its Data Council, whose purpose is to drive the digitisation of the London Market through a commitment to using standardised and high-quality data between all market participants and their clients. Specifically, it will drive adoption of:

• Data standards in conjunction with ACORD
• Placement and claims in the London market’s Core Data Records (CDR), which is the critical transaction information that will drive an increase in automated processes 
• Computable contracts
• Data assembly processes across the market
• Application Programme Interfaces (APIs)

Sheila Cameron, CEO of the Lloyd’s Market Association, who will chair the Council commented:

“The creation of this body is a critical step in taking the London Market to the next stage of its digital development. When it meets for the first time in January, it will kick off a process to get data standards and the Core Data Record agreed and supported by the entire market. I am grateful for the commitment and enthusiasm that everyone has shown in agreeing to make this happen.”

The Council will represent all the constituents across the London market.  Its members are: