The golden key to straight-through processing
A meeting to evaluate carrier interest in a proposed structured data (SDC) solution is being hosted by the Lloyd’s Market Association (LMA) and the International Underwriting Association of London (IUA) on the 3rd April.
A successful trial of the proposed SDC service, in which information from Terrorism Market Reform Contracts (MRCs) was converted into a universally acceptable message to enable straight-through processing, was completed at the end of 2016.
David Gittings of the Lloyd’s Market Association said: “Linking data capture with electronic placement should be the highest priority on the modernisation agenda. Structured data capture is the big one as far as carriers are concerned.”
Michael Gould, Chief Operating Officer of Talbot Underwriting, and chair of the SDC Steering Group, is keen to have clear commitments to use the service and plans to engage the wider underwriting community in a debate around the capabilities and benefits of the system and the next steps.
He commented: “This is the golden key to straight-through processing – and we want to enthuse and engage the market. Utilising common standards will deliver improved efficiency, increased data accuracy and, ultimately, reduced costs and the ability to reinvest capacity on value-added tasks. It also creates a single version of the truth.”
The breakfast meeting will be held in the Old Library at Lloyd’s on the 3rd April and is by invitation only through the associations.
For further information please contact: Peter Griggs at the Lloyd’s Market Association (email@example.com) and Kim Darrington at the International Underwriting Association of London (firstname.lastname@example.org).