The Data Council, a cross-market body made up of senior representatives from key London Market organisations, has launched a high-profile campaign to encourage the widespread adoption of a single shared data standard.
Backed by industry CEOs, the initiative aims to demonstrate how common data practices can remove friction, boost efficiency, and strengthen London’s position as a global insurance centre.
In an open letter recently published, the Council and its supporters make the case for unifying how data is structured and exchanged across the market.
The Data Council includes leaders from Lloyd’s, the LMA, LIIBA, the IUA, the LMG, ACORD, PPL, Velonetic, and Verisk—bringing together a broad range of market perspectives and expertise. The group’s mission is to drive collaboration on data and digital priorities that will benefit the market as a whole.
Sheila Cameron, Chair of the Data Council, commented: “Data has the potential to revolutionise our offering to clients. We can unlock magic when we all use the same standard. Look at other sectors, like open banking, and imagine what we can do across our industry, which is far more interwoven especially at Lloyd’s, than banking has ever been.
“Shared data standards save costs, breaks down barriers between London and the rest of the world, allowing London Market players to bring their unmatched capacity and expertise to other global insurance hubs.”
The campaign, running throughout June, aims to win the “hearts and minds” of market professionals through both digital outreach and physical engagement.
A central event will take place in the Underwriting Room at Lloyd’s, where 30 leading figures will work together to complete a large jigsaw puzzle in under two hours—designed to symbolise the clarity and cohesion that shared standards can bring.
Industry leaders backing the campaign stress that consistent data formats will enable faster, more accurate processing across underwriting, claims, finance, and compliance. It is also expected to lower costs, reduce duplication, and eliminate unnecessary steps that slow down business across the London Market.
Bob James, CEO of Velonetic, said: “Data standards are so simple and yet so often resisted as being ‘complicated’. They are really the ‘cookie cutter’ that saves time and effort. This campaign sets out to reach everyone in the industry, be they underwriter, accountant or analyst; helping everyone realise that if we share data standards we can do our jobs better, work faster and deliver massive benefits to clients.”
Chris Newman, President, International of ACORD, added: “If data is held in a single format, you often don’t need complex and challenging projects to deliver real benefits – local projects have tremendous potential for all parts of the market if we can only align to one data standard. That is what ACORD GRLC was set up to do.”
John Mason, CEO of Placing Platform Limited, said: “My experience at the London Stock Exchange taught me that strong markets are built on strong market infrastructure. This includes core data standards that allow processes to connect to data as opposed to shifting data around the market and coping with multiple transition steps.
“The prize of getting this right should not be underestimated. Through data standards we can empower the network of the London Market’s highly skilled market participants to engage, react and deliver to capture growth, profitably.”
