Special Episode. The Data Council: Standards, not Systems

Today’s episode brings together a trio of London Market leaders. Sheila Cameron is the CEO of the Lloyd’s Market Association (the LMA) and was the guest on the very first Episode of the Voice of Insurance. Clyde Bernstein is the Head of Broking Technology at WTW, as well as being its Head of Broking in Great Britain. Clyde appeared in Episode 63, which was all about the broker of the future. Completing the line-up is someone who I have wanted to get on the show for a long time as he is a strong, really well-known exceptionally bright and eloquent executive who always has an interesting view of the market. Paul Jardine is an Actuary, the former Chief Actuary and Commutations Director of Lloyd’s run-off vehicle Equitas and was one of Stephen Catlin’s top executives for over 15 years. He currently has multiple interests, the most prominent of which is that of Non-executive Chairman of Lloyd’s turnkey Managing Agency Asta.But what unites my three guests is that they are all members of the recently formed Data Council, chaired by Sheila, which has been brought together by overarching London trade body the London Market Group (LMG) to drive the digitisation of the Market.This episode gets to the heart of what the Data Council is and what it is tasked with doing It also dissects the Council’s first major achievement which has been to codify the Core Data Record (or CDR) which will be the building block for making London Market contracts fully computable. Sheila, Clyde and Paul are a lively group and this podcast is a really good way to get up to speed for anyone who may sometimes find the reform process in the London Market difficult to follow.Enjoy the PodcastNOTES and THANKSSheila used an abbreviation, the GRLC, which I should have clarified at the time. This stands for global digital insurance data standards body ACORD’s Global Reinsurance and Large Commercial standard.There is also a mention of the Rushlikon Initiative, which is a longstanding global standards and process efficiency drive backed by ACORD, WTW, Swiss Re and many other major market participants. We thank today’s sponsor AdvantageGo:https://www.advantagego.com/