’It has been a hugely technical and detailed undertaking,’ says co-chairs
The London Market Group’s (LMG) Data Council has published its process, roles and responsibilities (PRR) final recommendations for operating in a digital market.
The recommendations, which were published yesterday (31 July 2023), are for the allocation of roles, responsibilities for the creation, approval and submission of data into the core data record (CDR) as well as the functioning of digital risk processes.
CDR provides transactional data which needs to be collected at the point of bind to drive processes – it also enables standardised quality data to flow through the Lloyd’s market.
”It is regarded as a key deliverable in the work to build and drive adoption of the CDR and ultimately the submission of that data to the digital fateway and handling of responses from it,” LMG said.
’Hugely technical’
The recommendations published yesterday are the first part of a trilogy of documents to be published in sequence over the next three months.
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It came after a consultation carried out by the PRR Working Group between March and April 2023 on behalf of LMG’s Data Council revealed that “more clarity in certain elements of the process and the lower-level implementation detail” was needed.
This included more clarity on CDR submission and terminology, as well as in managing errors, standardisation for different vendors and CDR and contract alignment.
It also noted that there was a “general agreement at conceptual level, but many need more clarity and want to know the lower level technical details”.
Rob Myers and Helen Howard-Knight, co-chairs of the Data Council Technical Group, said: “The outcomes from the PRR Working Group will set out the workflows of our market for the future, as part of our collective ambition to build a market that is better, faster and cheaper for our clients.
”It has been a hugely technical and detailed undertaking, to which many people and organisations from across the market have given their time.
“We thank everyone who provided input and look forward to seeing the recommendations taken forward in the workflows of companies across the market.”
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