90% of carriers and 77% of brokers had a favourable or neutral view on the proposed plans within the LMG Data Council’s Process, Roles and Responsibilities (PRR) consultation, according to the group.
The PRR Consultation project, run by the LMG’s Data Council, sought market feedback on the recommendations for what the processes, roles and responsibilities could look like within the new data and digital journeys.
According to the group, 3,402 comments were submitted to the consultation, with responses coming from firms representing 73% of the risks placed in the London Market.
LMG states there was “no fundamental disagreement” with any of the proposed recommendations.
82% of brokers and carriers consider data and technology transformation to be a top priority for their organisations.
Meanwhile, 72% of brokers and carriers are reliant on vendors to help manage the implementation of any new data and technology capabilities.
“Overwhelmingly, the market feels that adoption needs to happen at a similar pace for brokers, carriers and vendors,” explains LMG.
The group continues, “This feedback will help move us further along a path that will see truly fast flows of all our customer and risk information between the many participants in our often syndicated, delegated or layered market.”
“Instead of sharing Word documents and PDFs, data will ultimately be transferred at an ultra-high speed between those who need to share information.”
Rob Myers and Helen Howard-Knight, Co-Chairs of the PRR Working Group commented, “The consultation results were positive and indicated good support for our proposed way forward.”
