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Jun 17, 2015

London Market Modernization and ACORD Standards

The London Market Group (LMG) and The Boston Consulting Group (BCG) have published the results of an extensive market research into commercial insurance and reinsurance. The report, London Matters, details the unique position of the London Market and the challenges to its position as the global hub presented by globalization and technology.

As a result of the London Matters report, the LMG announced earlier this year an initiative to provide a more detailed operational vision of a modernized market. Consequently, the LMG considered a proposed Target Operating Model (TOM). The TOM has been approved in principle by the LMG and the Lloyd’s Franchise Board and both have given the go ahead for the next phase of work. This next phase is a ‘discovery’ phase, which will seek to put more detail around the proposals. For more details on the TOM follow this link A Bluffers Guide to London Market Processing.

One thing is very clear, the ACORD standards are an integral part on all the functions targeted for modernization, from placing to post-placing, accounting and settlement, claims, and reporting.    

More to come on this subject…….