The PRR working group was created to establish the process, roles and responsibilities to support digital placement of open market business.
After running a market consultation at the start of 2023, the London Market Group’s (LMG) Data Council has now published its PRR Final Recommendations for a fully digital open market and facultative placement process. This sets out the allocation of roles and responsibilities for the creation, approval and submission of data into the Core Data Record (CDR) and the processing of that data. The focus is on who performs specific tasks, and when these tasks will occur.
The ACORD GRLC Contract, Risk and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data, provides guidance to help align with the PRR recommendations. It contains all the data points, validation rules, messaging structures, and submission events required to meet the Core Data Record (CDR) v3.2 data requirements, and helps define how to build and implement systems in order to interact with participants across the London market.
Please note, you/your organisation will need to be an ACORD member to view the toolkit resources.
PRR next steps
Following on from the placement final recommendations, the PRR working group are now focusing on the claims process; from first notification of loss to settlement. The group then plans to pick up where the placement process left off and turn to the premium process, covering from accounting to settlement.
These outputs will form part of a series of adoption materials that will provide brokers, carriers and platform providers with the information required to enable adoption of the new, digital ways of working introduced through phase two of Blueprint Two.