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London Market Group to utilise ACORD standards

London Market Group to utilise ACORD standards | Insurance Business UK

London Market Group to utilise ACORD standards

The London Market Group (LMG) has announced that its Data Council has agreed to adopt ACORD as its chosen data standards methodology, aligning the LMG’s Core Data Record (CDR) with the specifications.

With its alignment to ACORD’s Global Reinsurance and Large Commercial (GRLC) standard, CDR facilitates accounting and settlement, as well as tax and regulatory reporting for the London insurance market.

“It has been a privilege to work with everyone on the council and the technical group, and especially Steve Hicks from Lloyd’s who leads the data standards and CDR workstream, to achieve these goals. It is a vivid reminder of what the market can achieve when it works collaboratively,” said Lloyd’s Market Association CEO and LMG Data Council chair Sheila Cameron.

Cameron added that by aligning with ACORD, LMG “can drive greater interoperability of systems, as well as between London and other global insurance markets.”

“Although today’s news focuses on the accounting and reconciliation process, it also provides a foundation to support future market initiatives including pre-bind placement activity,” the CEO stated. “Market firms will need to ensure that they are members of ACORD to ensure they can access the technical information they will require to take full advantage of these decisions.”

“We are proud to support the London Market in its ongoing, visionary modernisation efforts. ACORD has provided insurance standards for more than 50 years, and the ACORD Data Standards are used by thousands of insurance stakeholders across more than 100 countries,” commented ACORD president and CEO Bill Pieroni. “Standards maximise the impact and value of data by optimising the speed, efficiency, and accuracy of information exchange.”

According to Pieroni, having a single “language” for data not only benefits the London Market’s internal processes, but also makes it easier for international insurance markets to connect with London.