05 October 2017– Today the London Market Group (LMG) announced further progress on the Target Operating Model (LM TOM) with the go-live of the Market Business Glossary. This is part of a suite of capabilities being developed to enable and support better data usage and sharing across the market.
Release 1 of the Market Business Glossary is focused on reporting of premium and claims data for coverholders, helping make the process more intuitive and efficient and the London Market an easier place to do business.
Helen Crooks, Chief Data Officer at Lloyd’s and Market Champion for the Data Integration solutions, commented “Data is a vital component of our work and our key aim is to get it flowing through the market in a uniform and consistent manner so that everyone can benefit from better quality information, delivered faster. Straight through processing for example cannot happen without a set of common agreed data standards in the market.
“The Market Business Glossary solves that problem by delivering a centralised repository of business definitions and rules and is a vital component in helping us to digitalise the marketplace. Common data will also reduce the risk of errors and inconsistencies and the need for re-work and remediation. This launch, relating to coverholder reporting standards, is just the first step in the process and, over time, the Glossary will evolve with the inclusion of new features and data responding to the market’s priorities and needs.”
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
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