General Insurance Article - LMA update on Data Council activity

 “It has been a busy year for the Data Council and, I am pleased to announce that the MRC v3 will be released at the end of Q1 2023, together with the CDR v3.2. The Data Council decided that for simplicity and continuity that the iMRC would be renamed MRC v3.

 “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.

 “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 need 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.”
 
 Finally, what should firms be doing now?
 a. Align your in-house data to the GRLC standard.
 b. Prepare to align your in-house systems to the MRC v3 standard available in late Q1.
 c. Build out your in-house API strategy; or discuss this with your software provider.