The London Market Group (LMG) has announced that one of the core solutions within the London Market Target Operating Model (LM TOM), called Structured Data Capture (SDC), is now live for terrorism, financial lines, marine, and property and casualty.
SDC is an online service that converts the policy wordings of a paper Market Reform Contract (MRC) into electronic data, and should improve the efficiency of digitalising the policy wording of a paper MRC by limiting the need for re-entry of data, which in turn should minimise errors.
Essentially, SDC means that MRC data only needs to be entered once and can be re-used numerous times, and it also enables the data to be passed from one TOM solution to another through the value chain, explains the LMG.
Chair of the SDC Steering Committee and Chief Operating Officer (COO) of Talbot Underwriting, Michael Gould, commented; “SDC will avoid significant duplication of effort by the market, allowing them to concentrate the activities where they can really add value. It takes the market a step closer to one touch data capture, a core objective of the LM TOM.
“Market support for the project has been very strong and we are tremendously grateful to all the practitioners who have invested their time and energy in getting SDC live. We expect the number of participants in the system to build strongly over the coming months, not least because the service will be free until the end of 2017. 2018 will see further development in the system introducing more lines of business.”
