Just a quick update from LMG for you;
The London Market Group’s (LMG) Data Council has updated the Core Data Record (CDR) to introduce First Notification of Loss (FNOL) claims data, connecting claims information with the existing placing contract data for the first time. The update also extends the standard to delegated authority data by setting the data points for the agreement of delegation (including binders, lineslips and digital platforms).
Together, these updates help firms to share data based on agreed standards across the insurance lifecycle, a significant milestone for digital delivery in the London market. Work is now underway to embed the expanded CDR into the next version of the Market Reform Contract.
Joe Brace, Chair of the Data Council and Operations Director at the Lloyd’s Market Association, said: “For the first time, we have provided a market-wide set of data standards for all contract types (open market and delegated, facultative and treaty etc), all classes of business, and including guidance for pre-bind data, not just post-bind and accounting. It is an exciting moment to see these market standards now in place across pre-bind placement, claims and delegated authority data.”
“I encourage all firms in the market to begin to work data standards into their businesses and supplier partners. From these shared data standards many benefits will flow to clients and across our ecosystem.”
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