LMG and LM TOM News

LM TOM Market Business Glossary is live

The Market Business Glossary is now live and available to all market participants. Release 1 of the capability is focussed on the reporting of premium and claims data for coverholders, making the process more intuitive and efficient.

This tool is designed to integrate with the majority of market businesses’ own IT infrastructures allowing users to register and sign-on using their existing work credentials. The objective is to make the process simpler and more efficient, making the London Market an easier place to do business.

Helen Crooks, Chief Data Officer at Lloyd’s and Market Champion for the Data Integration solutions, commented “Data is a vital component of our work and our key aim is to get it flowing through the market in a uniform and consistent manner so that everyone can benefit from better quality information, delivered faster. Straight through processing for example cannot happen without a set of common agreed data standards in the market.

“The Market Business Glossary solves that problem by delivering a centralised repository of business definitions and rules and is a vital component in helping us to digitalise the marketplace. Common data will also reduce the risk of errors and inconsistencies and the need for re-work and remediation. This launch is just the first step in the process, and over time the Glossary will evolve with the inclusion of new features and data responding to the market’s priorities and needs.”

To find out more:

Visit the Market Glossary web page or come and join us at one of the Information and Training workshops; register online.

To register:

You can register here to start using the Market Business Glossary.