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 Podcast NOTES and THANKS Sheila
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/