Having considered feedback provided in the Process, Roles and Responsibilities (PRR) process earlier this year, the London Market Group (LMG) has published its final recommendations for the design and functioning of digital risk processes.
The recommendations also allocate roles and responsibilities for data creation, approval and submission relating to risk placement and endorsement submissions.
It is regarded as a key deliverable in the work to build and drive adoption of the Core Data Record and ultimately the submission of that data to the Digital Gateway and handling of responses from it, LMG stated.
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.
It found that 82% of brokers and carriers consider data and technology transformation to be a top priority for their organisations. The consultation also found that 72% of brokers and carriers are reliant on vendors to help manage the implementation of any new data and technology capabilities.
When LMG published its findings in June, it revealed that 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.
The recommendations published in July are the first part of a trilogy of important documents to be published in sequence over the next three months.
These are:
- PRR Final Recommendations – published in July 31 2023
- ACORD GRLC Contract, Risk & Pre-Accounting Toolkit – to be published in August 2023
- Good Practice Guide – to be published in September/October 2023
The publication lays out the details of the Design Principles agreed at the start of the work, an end-to-end Market Journey for open market placement, as well as key messages, FAQs, and key takeaways for each role involved in the CDR assembly, submission, retrieval, and handling of gateway responses.
Rob Myers and Helen Howard-Knight, co-chairs of the Data Council Technical Group, which drove the PRR consultation programme, commented: “The outcomes from the PRR Working Group will set out the workflows of our market for the future, as part of our collective ambition to build a market that is better, faster and cheaper for our clients.
“It has been a hugely technical and detailed undertaking, to which many people and organisations from across the market have given their time. We thank everyone who provided input and look forward to seeing the recommendations taken forward in the workflows of companies across the market.”
