Data Council releases final PRR proposals
Process, roles and responsibilities recommendations will be followed by an Acord GRLC toolkit in August and a good practice guide in September or October
The recommendations set out the future digital workflow of the market, the Data Council says
The London Market Group’s Data Council has published its final recommendations for supporting the digitalisation of the market.
The proposals outline step-by-step how the market might go through the risk submission, quote and bind process digitally, outlining key responsible for creating, sharing and approving data relating to the risk at various parts of the process.
The Data Council said it had considered the feedback from its consultation process conducted earlier this year.
The recommendations are the first of three documents the Data Council plans to publish over the next few months. It will be followed by an Acord GRLC toolkit in August and a good practice guide in September or October.
Roby Meyers and Helen Howard, co-chairs of the Data Council’s technical group, said the recommendations will “set out the workflows of our market for the future, as part of our collective ambition to build a market that is better, faster and cheaper for our clients”.
The process, roles and responsibilities recommendations were widely supported by brokers and underwriters during the consultation phase, with those that disagreed with the proposals largely asking for greater clarity regarding particular processes or more detail as to how they might work in practice.