The new version of the Market Reform Contract, to be known as the MRC v3, will be released at the end of next year’s first quarter, together with the Core Data Record v3.2.
This was the latest update Sheila Cameron, CEO of the Lloyd’s Market Association and Chair of the Data Council, shared regarding the council’s achievements and most recent decisions.
Cameron said: “Under current MRC guidance, firms had been expected to adopt the new template within three months. Given the scale of change, the Data Council has agreed that this adoption timeline should be extended to six months.
“It is therefore expected that all firms will be using the new template by the end of September 2023 at the latest, although they are encouraged to start using it as soon as possible.
She added: “There has also been some market discussion about the number of data fields in the Core Data Record. This currently is composed of about 200 fields. The number of data fields required depends on the complexity of the risk.
“For example, the most simple Lloyd’s risks only need 61 fields and company market needs 53 fields while, on average, a Lloyd’s or mixed market risk will need 125 fields. This may seem a lot, but by comparison buying just one thing on Amazon and sending it to your home address requires about 30 fields.”
According to the announcement, firms should start to align their in-house data to the Global Reinsurance & Large Commercial Carrier Electronic Standards (GRLC) standard; prepare to align in-house systems to the MRC v3 standard available in late Q1; and to build out and in-house Application Programming Interface (API( strategy, or discuss this with a software provider.
The purpose of the London Market Group’s (LMG) Data Council, is to drive the digitisation of the London Market through a commitment to using standardised and high-quality data between all market participants and their clients.
