13 December 2017 - Today the London Market Group (LMG) announced further progress on the Target Operating Model (LM TOM) with the second release of the Market Business Glossary. This is part of a suite of capabilities being developed to help the market to create and share better data..
This release of the Glossary will make the following additional content available to brokers, carriers, coverholders and TPAs:
Helen Crooks, Chief Data Officer at Lloyd’s and Market Champion for the Data Integration solutions, commented “We are making good progress in developing data standards and the value of agreeing and sharing definitions and rules for data is clearly demonstrated by the fact that over 100 market firms are using the Market Business Glossary, and around 350 individual users are registered.
“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. We have always said that the Glossary will evolve with the inclusion of new features and data responding to the market’s priorities and needs. The next step will be to look at interfacing the Glossary with users’ in-house systems, and the introduction of an innovative collaboration functionality to allow data users to comment on, and influence, the rules and definitions contained within it.”
Press Release - here
Full Press Release here
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