LMG’s Data Council publishes results of PRR consultation

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Topics: InsurTech Strategy

The Process, Roles and Responsibilities Consultation project, run by the LMG’s Data Council, has taken market feedback on how to change ways of working for a digital market.

This feedback will help move us further along a path that will see truly fast flows of all our customer and risk information between the many participants in our often syndicated, delegated or layered market. Instead of sharing Word documents and PDFs, data will ultimately be transferred at ultra-high speed between those who need to share information.

The results of the consultation were extremely positive, and are summarised in the attached infographic, which all media organisations have permission to publish and share. The headlines are:

90% of carriers and 77% of brokers had a favourable or neutral view on the proposed plans within the LMG Data Council’s Process, Roles and Responsibilities (PRR) consultation.
3,402 comments were submitted to the consultation
Responses came from firms representing 73% of the risks placed in the London Market
82% of brokers and carriers consider data and technology transformation to be a top priority for their organisations.

Rob Myers and Helen Howard-Knight, Co-Chairs of the PRR Working Group have commented that: “The consultation results were positive and indicated good support for our proposed way forward."

Please note that this is an overview of the market feedback, and not the LMG Data Council’s recommendations to support the market in the implementation of Blueprint Two’s digital solutions. This will follow in Q3 2023.