The latest from the LMG Data Council;
A number of early-adopter brokers have already started using the new market reform contract (MRC v3) in a step that sets them up for the full adoption of Blueprint Two. The MRC v3 plays a key role in the Blueprint Two modernisation process, enabling accurate, ACORD-standardised data, including the core data record (CDR), to flow through the entire insurance transaction lifecycle with minimal human intervention.
Sheila Cameron, Chair of the Data Council commented: “It is exciting to see that the hard work done by so many teams across the market is coming to fruition, with early adoption by a number of broking houses so that they can get up and running with the MRC v3 as a first step towards digitalising our market.”
The Data Council, the Associations and Blueprint Two are seeking market-wide adoption of MRC v3 in the longer term, but brokers Amwins, Aon, BMS Group, Consilium, Costero, Gallagher and Howden* have stepped ahead of the curve, submitting the new contracts within a month of its launch.
Lindsey Davies, Director of Operations at Amwins said “Amwins brokers have embraced the new format of MRC v3. It was relatively easy to move to (once we created templates) and helps with the transition to Blueprint Two digital services.”
Suzanne Bazire, COO at Consilium Insurance Brokers Limited commented: “At Consilium, we are proud to be supporting the vision promoted by Blueprint Two of a digital market place. The implementation of the MRC v3 will allow us to create a more comprehensive contract document and prepare us for the implementation of the CDR which will in turn lead us to faster, more accurate payments to insurers and better claims services for our clients. The capturing of the core data fields will also allow us to make data-driven strategic decisions.”
Jessica Knowles, Director of Operations at Costero said: “Costero is proud to align itself with Lloyds’ initiative by embracing MRC v3, contributing to the market shift towards complete digitisation. This transition to MRC v3 signifies our commitment to enhancing services, ultimately resulting in increased benefits for our valued clients.”
Market firms can find more information at Homepage | Blueprint Two (velonetic.co.uk)
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