By the market, for the market - Structured Data Capture COO breakfast
Carriers give COOs a briefing on the LM TOM Structured Data Capture (SDC) solution.
The Lloyd’s Market Association (LMA) and the International Underwriting Association of London (IUA) hosted an event on 3rd April to update insurers on the SDC solution – which converts information from Market Reform Contracts (MRC) into global ACORD Placing messages as a key enabler to straight-through processing
Michael Gould, Chair of the SDC Steering Board and the COO of Talbot Underwriting, led the breakfast briefing, attended by around 55 people, highlighting the opportunity that SDC brings in improving the accuracy and quality of market data whilst reducing expenses for carriers.
Stuart McPhee and Oscar Patrick from the programme team went on to explain the service in more detail and talk about what had been achieved so far, including the successful six week pilot carried out in Q4 2016 with 10 carriers where target fields in a Terrorism MRC were developed for capture.
Martyn Scripps of XL Catlin and Chris Coyne from Antares brought the service to life by sharing their experiences in taking part in the pilot, including the 95% data accuracy at field level.
The briefing ended with discussion about the factors that carriers will need to consider to make use of the service and the support that will be available to them. This includes a commitment to regular briefings, follow up visits and service demonstrations.
If you would like to get involved, please contact your Association.