Market collaboration widens the ability to convert paper into electronic data
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13th November 2017 - The London Market Group (LMG) is pleased to announce that the second release of Structured Data Capture (SDC), one of the core solutions in the London Market Target Operating Model (LM TOM), is now available for multi-section Market Reform Contracts (MRCs) and another six classes of business.
The service has been live for single section MRCs and five classes of business since August 2017. It enables data from policy wordings to be entered only once and then re-used many times. It will also allow data to be passed from one TOM solution to another through the value chain.
Michael Gould, COO of Talbot Underwriting and chair of the SDC Steering Committee commented:
“Carriers can use SDC to convert the contents of all paper MRCs into consistent electronic data that can then be ingested into their own system without further need to re-key data. Multi-section MRCs create considerable complexity in processing, involving as they do different limits, premiums, locations and deductibles. This is a big win because we are delivering a real reduction in workload for the market.
“There was a tremendous collaborative effort across the carrier community to solve this complex issue. This builds on the strong levels of support that we have already seen since the go-live. Now that virtually all risk classes are live, we expect to see the number of participants in the system to build further over the coming months.”
All lines of business will be available by the end of 2017. Further document types (e.g. endorsements and schedules) are under consideration for 2018 and the project will transition to ‘Business As Usual’ by Q3.
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