Senior executives across the London insurance market have issued an open letter today, launching a campaign aimed at encouraging broader adoption of a single shared data standard.
The initiative seeks to align market participants under a common framework to improve operational efficiency and connectivity.
Sheila Cameron, chair of the Data Council, said data has the potential to revolutionise the industry's client offering. Cameron pointed to sectors such as open banking as examples and suggested the insurance industry, particularly at Lloyd’s, is even more interconnected than banking.
“Shared data standards save costs, breaks down barriers between London and the rest of the world, allowing London Market players to bring their unmatched capacity and expertise to other global insurance hubs,” Cameron said.
The campaign is linked to broader initiatives already under way in the market, including Blueprint Two, a modernisation programme aimed at digitising the London insurance market through streamlined processes and greater use of data standards.
A central element of the programme is the Core Data Record (CDR), designed to enable faster, more accurate data sharing among market participants. The programme seeks to reduce reliance on manual processes, improve data quality, and enhance the overall efficiency of market operations.
The campaign is scheduled to run throughout June, supported by several industry organisations. It will include an online presence and an event in the Underwriting Room at Lloyd’s where 30 leading London Market figures will assemble a jigsaw puzzle in under two hours as a symbolic exercise in collaboration.
The initiative has backing from CEOs of organisations including ACORD, the International Underwriting Association (IUA), the London & International Insurance Brokers' Association (LIIBA), Lloyd’s, the Lloyd’s Market Association (LMA), the London Market Group (LMG), Placing Platform Limited (PPL), Velonetic, and Verisk.
Bob James (pictured above, left), CEO of Velonetic, said data standards are often perceived as complicated but are essentially straightforward tools that can deliver efficiency.
“This campaign sets out to reach everyone in the industry, be they underwriter, accountant or analyst; helping everyone realise that if we share data standards we can do our jobs better, work faster and deliver massive benefits to clients,” James said.
Velonetic, under the leadership of James since 2024, is one of the key entities tasked with delivering Blueprint Two. However, the project has faced a delay, with James explaining that they "have a responsibility to only cutover to the new platform when it has been tested in a robust and fulsome manner."
The Lloyd’s Market Association (LMA) has also identified the implementation of Blueprint Two and the adoption of consistent data standards as key priorities for 2025. According to the LMA, these initiatives are essential for maintaining the competitiveness of the Lloyd’s market in a global landscape increasingly driven by data and technology.
In his statement, Chris Newman (pictured above, right), president, international of ACORD, said that when data is stored in a single format, organisations often avoid complex and large-scale projects to realise improvements.
“Local projects have tremendous potential for all parts of the market if we can only align to one data standard. That is what ACORD GRLC was set up to do,” Newman said.
Earlier this year, ACORD introduced GRLC Generation 2.0 Standards, the next iteration of its data model, to support the industry's digital transition. These standards are designed to facilitate seamless end-to-end processing in reinsurance and large commercial insurance transactions.
ACORD’s updated model aims to enhance data consistency and interoperability, supporting broader initiatives such as the Core Data Record and efforts under Blueprint Two.
Meanwhile, John Mason, CEO of Placing Platform Limited, said his experience at the London Stock Exchange demonstrated that strong markets are built on robust infrastructure, including core data standards.
“The prize of getting this right should not be underestimated. Through data standards we can empower the network of the London Market’s highly skilled market participants to engage, react and deliver to capture growth, profitably,” Mason said.
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