18th December 2017 - The London Market Group (LMG) is pleased to announce that phase 1 of Structured Data Capture (SDC) is now complete and live. SDC is one of the core solutions in the London Market Target Operating Model (LM TOM).
The release now gives carriers access to Market Reform Contracts (MRCs) for all classes of business including Treaty Reinsurance, Aviation and Energy. The release also includes some additional capabilities for multi-section MRCs.
Michael Gould, COO of Talbot Underwriting and project sponsor commented:
“This release is an important milestone, completing the delivery of the original project scope. We are seeing great market support for the project; 30 managing agents have signed market user agreements and another 20 are due to sign in January. Moving into 2018 we will start to see carriers being able to ingest electronic data into their own systems dramatically reducing the need for data entry, saving time and money. It is also extremely encouraging to see data quality levels from the SDC service in excess of 99% accuracy.”
SDC enables data from policy wordings to be entered only once and then re-used many times. It also allows data to be passed from one TOM solution to another through the value chain.
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