LMG launches iMRC consultation

The LMG’s Data Council and Lloyd’s have launched a consultation process ahead of the revision of the Market Reform Contract.

The Intelligent MRC will promote a single ACORD data standard that enables the extraction of the Core Data Record and strengthens data quality across the London market.

Sheila Cameron, CEO of the LMA and chair of the Data Council said: “The iMRC will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention. It will be fundamental to the success of our transformation for open market placement.”

“We strongly encourage all market participants to ensure their company provides input into the consultation. This is the moment for both brokers and carriers to engage fully, take time to understand what the iMRC means for their firm and their clients, and to give us feedback which can help shape our path towards computable contracts.”

Once the consultation and review have completed, the new guidance will be presented back to the Data Council for approval and to allow it to propose an adoption timeline for the iMRC. The consultation will run until September 16th.

Interested parties will find all the details here: https://lmg.london/market-standards/.

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