{"id":27358,"date":"2023-11-23T11:41:53","date_gmt":"2023-11-23T10:41:53","guid":{"rendered":"https:\/\/stage-fp.webenv.pl\/blog\/?p=27358"},"modified":"2024-05-10T13:39:21","modified_gmt":"2024-05-10T11:39:21","slug":"the-right-thing-to-do-the-past-the-present-and-the-future-of-data-standards-in-the-insurance-industry","status":"publish","type":"post","link":"https:\/\/www.future-processing.com\/blog\/the-right-thing-to-do-the-past-the-present-and-the-future-of-data-standards-in-the-insurance-industry\/","title":{"rendered":"The right thing to do: the past, the present and the future of data standards in the insurance industry"},"content":{"rendered":"\n

James, who has been active in the London Market<\/a> for the last 37 years, is also a member of the PPL Board, ACORD London Advisory Board, LIMOSS Board and many market committees and his family have now been in the insurance business for four generations.<\/p>\n\n\n\n

James\u2019 presentation was a fascinating story on the past, present and future of the data standards in the London insurance industry.<\/strong> Let us take you through it, starting from a quick history lesson.<\/p>\n\n\n

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The Livett family have been in the insurance industry for generations<\/figcaption>\n <\/figure>\n \n
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\"insurance The Livett family have been in the insurance industry for generations<\/figcaption>\n <\/figure>\n <\/div>\n <\/div>\n<\/div>\n <\/div>\n\n\n\n


Data Standards in the 20th century<\/h2>\n\n\n\n

The end of the past century is when data standardisation started to take off. Until 1970s, some standards were there, but they tended to be multiplied. For example, Lloyd\u2019s marine insurance had slightly different variations than non-marine; as did aviation. The eighties brought more standardisation.<\/strong><\/p>\n\n\n\n

As James said, \u201cIn 1986 data standards already started in the London Market. I was working for a small underwriter. As the losses and claims came in, we all filled them through the same standard form: pink was property, blue was marine and yellow was liability. Capturing the same data is still a data standard.<\/em>\u201d<\/p>\n\n\n\n

In 2000, the Electronic Placing Support (EPS),<\/strong> an early e-trading solution<\/strong>, was introduced. \u201cIt was green screen, it was torturous, it was ahead of its time. It was painful, it was forward thinking, and it was unwanted. It was a huge amount of re-keying, the technology was not stable, integration wasn\u2019t even a word. Few people were actually using technology.\u201d<\/em> – James recalled – \u201cBut it did open my eyes \u2013 and I\u2019m sure many others – to how things could move forward.\u201d<\/em><\/p>\n\n\n\n

The beginning of the 21st century brought further improvements to the standards with the LMP 2001 which created the first London Market Processing slip.<\/strong> New versions of the slips were launched until the Market Reform Contract (MRC) in 2007.<\/p>\n\n\n

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Image copyright – James Livett, LIIBA<\/figcaption>\n <\/figure>\n \n
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\"\" Image copyright – James Livett, LIIBA<\/figcaption>\n <\/figure>\n <\/div>\n <\/div>\n<\/div>\n <\/div>\n\n\n\n

All of these slip versions, James argued, were ultimately the way of capturing and standardising data. Coming up with these standards meant companies didn\u2019t have to create special processes for different classes. \u201cWe\u2019ve now started generating standards – standard contracts, standard referencing. Excellent. Now we\u2019re starting with the IT catching on with us.\u201d<\/em> James stated.<\/p>\n\n\n

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An old Lloyd’s insurance slip<\/figcaption>\n <\/figure>\n \n
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\"Lloyd's An old Lloyd’s insurance slip<\/figcaption>\n <\/figure>\n <\/div>\n <\/div>\n<\/div>\n <\/div>\n\n\n\n


Is the London Market capable of change?<\/h2>\n\n\n\n

In his presentation, James addressed the argument posed by some that the London Market wasn\u2019t capable of change. He pointed out a few examples that show major changes that the industry has gone through:<\/strong><\/p>\n\n\n\n