The Structured Data Capture (SDC) service continues to deliver services to the market, with over 12,000 Market Reform Contracts (MRCs) having been submitted since August 2017 and accuracy levels remaining high at 99%+. Additional functionality is now being introduced in order to ensure the service remains responsive to the needs of the market.
PPL and SDC
The recent SDC and Placing Platform Limited (PPL) system updates mean that MRCs which have Subjectivities and Conditions can now automatically be submitted from PPL to SDC for processing. It is estimated that a significant proportion of MRCs have Subjectivities and Conditions so this is a significant step in expanding the scope of the SDC service and contributing to straight-through processing across the market.
Expanding Our Scope
We have listened to the market and increased the scope of the MRC documents service processes – the service will now process MRCs even if the ‘Information Section’ is unavailable. Customers will continue to receive global placement messages (GPMs) for submitted MRCs without the ‘Information Section’, which can be used to support efficient internal processes.
What’s Coming Up
We are making progress against our plan for expanding our scope further to deliver structured data for other document types including Endorsements, Line Slips and Binders, Quotes and Schedules. Furthermore, as the Lloyd’s Brussels subsidiary will require managing agents to use SDC as a data submission channel, we are also working closely the Lloyd’s Brussels team ensure the SDC solution is fit for purpose for our collective needs and for our customers.
The SDC service continues to be free of charge for LMA customers and available for a fee for IUA customers. Please contact SDC@TOMSupports.London if you would like any further information or register to come to our lunch & learns on the following dates: