London’s insurance market leaders have published an open letter today announcing a campaign to promote a single shared data standard. The aim is to bring all market participants under one common framework. This, they say, will boost operational efficiency and improve connectivity across the sector.
Sheila Cameron Highlights Benefits
Sheila Cameron, Chair of the Data Commission, emphasized the value of shared data. She compared the initiative to open banking and noted that the insurance market—especially Lloyd’s—is even more interconnected than banking. “Shared data standards save costs,” Cameron said. “They break down barriers between London and the rest of the world. They also help London market participants apply their expertise in other global centers.”
Tied to Blueprint Two Modernisation Programme
The campaign is closely linked to Blueprint Two, a modernisation programme designed to digitize London’s insurance market. Blueprint Two aims to simplify processes and increase the use of data standards. A key element of the programme is the Core Data Record (CDR), which is intended to enable faster and more accurate data sharing among market participants. By reducing reliance on manual processes, the programme hopes to improve data quality and drive efficiency across operations.
Campaign Events and Symbolic Collaboration
Throughout June, the campaign will hold a series of events both online and in the Lloyd’s Underwriting Room. A highlight will see 30 leading figures from the London market assemble a jigsaw puzzle over two hours. This activity is meant to symbolize the importance of collaboration.
Broad Industry Support
The initiative has secured support from several major industry organizations. CEOs from ACORD, the International Underwriting Association (IUA), the London International Insurance Brokers Association (LIIBA), Lloyd’s, the Lloyd’s Market Association (LMA), the London Market Group (LMG), Placing Platform Limited (PPL), Velonetic, and Verisk have all backed the campaign.
Blueprint Two Faces Delays
Bob James, CEO of Velonetic, stated that data standards are often seen as complex but are actually straightforward tools that can boost efficiency. “This campaign is about reaching everyone in the industry—underwriters, accountants, analysts—and showing them that shared data standards let us work better and faster,” he said.
Velonetic has been a key player in delivering Blueprint Two since 2024. However, James acknowledged that the project has faced delays. He explained, “We will only migrate to the new platform once it has been robustly and thoroughly tested.”
The LMA has also listed Blueprint Two and the adoption of consistent data standards as priorities for 2025. The association said these steps are essential for keeping Lloyd’s competitive in a data-driven global market.
ACORD Updates Data Model
Chris Newman, President of ACORD International, said many organisations avoid large-scale improvements because data is stored in different formats. He added, “Local projects have huge potential for the whole market if we can unify data standards. This is exactly what the ACORD GRLC was established to do.”
Earlier this year, ACORD launched GRLC Generation 2.0, an updated data model designed to support digital transformation. The new standards aim to enable seamless processing of reinsurance and large commercial insurance transactions. They are intended to enhance data consistency and support broader initiatives like the Core Data Record and Blueprint Two.
Infrastructure Is Key, Says PPL CEO
John Mason, CEO of Placing Platform Limited, drew on his experience at the London Stock Exchange to highlight the importance of strong infrastructure. “The rewards of getting data standards right cannot be underestimated,” Mason said. “Through shared data standards, we can empower the network of skilled market participants in London to engage, respond, and deliver outcomes that lead to profitable growth.”
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