Industry heavyweights join LMG’s new initiative to drive London market digitisation

The  London Market Group (LMG), which represents the insurance and reinsurance market in London, has created a new data council to drive the digitisation of the London market. Its members include chief executives and senior leaders of Willis Towers Watson, Aon, Marsh, Howden Broking, AIG, Hiscox, Chubb, Liberty, Renaissance Re, Asta and Chaucer, among others.

The new council has been designed with the purpose to drive adoption of data standards in conjunction with ACORD, the global standards-setting body for the insurance industry.

Additionally, it aims to help accelerate the placement and claims in the London market’s Core Data Records (CDR), which is the critical transaction information that will drive an increase in automated processes; computable contracts; data assembly processes across the market; and the Application Programme Interfaces (APIs).

Sheila Cameron (pictured), CEO of the Lloyd’s Market Association, who will chair the council, said: “The creation of this body is a critical step in taking the London Market to the next stage of its digital development.

“When it meets for the first time in January, it will kick off a process to get data standards and the Core Data Record agreed and supported by the entire market.

“I am grateful for the commitment and enthusiasm that everyone has shown in agreeing to make this happen.”

The data council will represent all the constituents across the London market.

Members from within the broker community will include Greg Collins (CEO) and Clyde Bernstein (head of broking, GB & global, and head of broking technology) of Willis Towers Watson; and Richard Dudley (CEO Global Broking Centre) of Aon; Jonathan Prinn (chief digital officer) of Inver Re; Barnaby Rugge-Price (chairman) of Howden Broking; and Dominic Samengo-Turner (CEO Marsh Specialty UK) of Marsh.

From the insurer community, executives joining the council will be Hugh Brennan (CEO Renaissance Re Syndicate Management) or RenRe; Paul Greensmith (global head of specialty) of AIG; Phil Hobbs (deputy managing director) of Liberty Specialty Markets; Paul Jardine (chairman) or Asta and Chaucer; Kate Markham (CEO London Market) of Hiscox; and Rob Wilson (CUO Global Markets) of Chubb.

Other members include chief executives of LMA Sheila Cameron, LIIBA Christopher Croft, IUA Dave Matcham, LMG Caroline Wagstaff, PPL Sue Jakobek, and ACORD managing director Chris Newman.

Representatives from Lloyd's are head of data products Steve Hicks, market transformation director Bob James, COO Jen Rigby, and general counsel Peter Spires.

One broker nominee and DXC’s Joint Ventures’ nominee is yet to be confirmed.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.