There are a few clarifications needed here: The MRC is NOT governed by the Data Council PRR!!! The MRC is governed by the LMG or London Market Group and ultimately it is part of the Lloyd's Byelaw. The purpose of the MRC v3 is not the 4 items listed. It is 1) clarification on sections 2) additional data points to support the CDR and 3) clarification on formats and syntax to enable the ease of computer and human readability. The ACORD data standard does NOT enable the extraction of the CDR. The CDR is however being aligned to the GPM+. Prior to settlement fields - will come from tax schedules and SoVs - which will be the majority of risks. SoV info will be required for mostly Marine, Aviation and Property.
Hi @Helene Stanway Thanks for your comments. I am really happy that you took some time to review the contents. I think I met you once along with Steve Darko a couple of months back. Coming back to your comments. 1. The MRC is NOT governed by the Data Council PRR!!! The MRC is governed by the LMG or London Market Group and ultimately it is part of the Lloyd's Byelaw. [Ravi] You are absolutely correct theoretically. MRC as a standard document for placing the risk was accepted by Market Associations and Lloyd’s and published on behalf of the London Market Group (LMG). But if you see there is lots of parallel work going on to synch the MRC and CDR which was currently and mainly BEING managed by the LMG data council. In fact on 29th March 2023, it was the LMG's data Council that announce the publication of two key assets in the digital journey for the London Market; the Core Data Record (CDR v3.2) for open market business and the latest version of the Market Reform Contract (MRC v3). The main driving force behind the current MRC v3 is to achieve digital processing by aligning it to CDR v 3.2 and you can see the central purpose of establishing the Process, Roles and Responsibilities Working Group (PRR WG) is to establish who will do what (and at what stage) during the target-state digital placement process. The current market conditions are very fluid, in my head and with my little knowledge, it was very much evident that the PRR WG group was driving(not governing) the changes in the current MRC. 2. The purpose of the MRC v3 is not the 4 items listed. It is 1) clarification on sections 2) additional data points to support the CDR and 3) clarification on formats and syntax to enable the ease of computer and human readability. Ravi: I publish the information after performing the research, so if can refer to Sheila Cameron's [Chair of the London Market Group's Data Council] Aug 15, 2022 youtube video on "Benefits of the intelligent Market Reform Contract (iMRC)", [ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LPe-hdA_MZw.html] you can find all the 4 points which I mentioned in the presentation. You can also find the reference of all 4 points in LIMOSS FAQ section on iMRC (now called MRC V3) [limoss.london/imrc-consultation-faq] The point mentioned by you also loosely connects the 4 areas I talked about. So I politely disagree with your comment "The purpose of the MRC v3 is not the 4 items listed" 3. The ACORD data standard does NOT enable the extraction of the CDR. The CDR is however being aligned to the GPM+. Ravi: I never said ACORD standard to enable data extraction, so I am not sure about your comments, but you are absolutely correct, the current CDR CDR v3.2 is aligned with ACORD GPM (or more specifically Reinsurance & Large Commercial data standard) which is an enhanced version of ACORD GPM or Global Placing Message/ GPM+ Regards, Ravi
@@LetsTalkBusiness Hi Ravi - for clarity - I'm part of the Data Council work and part of the Technical Groups and part of the development of the CDR work and the development of the MRC - so I'm fully immersed in what is happening. Your work is about 85% there or thereabouts with a few comments that aren't quite right, hence me trying to point those out to you and help so that it's fully accurate for the audience. I have written a number of blogs on these topics if you would find those useful - so no mansplaining required.
@Helene Stanway good points to call out, as chair of the Data Standards Group (CDR), I am keen to keep the facts really clear. We are looking to be sure all media support is acurate so as to keep what is a complex multi activity initiative on point. And yes all points of clarity and corrections look good. We know there will be additional versions of the CDR as we bring on Treaties and DA, but for now the MRC V3 and CDR V3.2 are supporting their respective purposes and are aligned, the MRC Subject to the Lloyd's bye law and was reviewed and updated by the MRC group. The PRR have no influence over the MRC, but are more closely related to the CDR group - we await their responses to their consultation to consider the who and when questions for the CDR. The MRC is only being used to as a digital solution due to so much of the market being document led. The aim is for the CDR to be the method of processing with the Bureau. But for now the revised layout and more structured approach to the document aids planned extraction services to create a CDR (or part thereof) from the document. Not ideal but it will assist the market as is moves to a Data first approach.
