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Market Business Glossary (MBG)

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Market Business Glossary (MBG)

The Market Business Glossary (MBG), developed by LIMOSS, is a centralised reference tool designed to standardise terminology and definitions across the London Insurance Market. It provides a shared language for Insurers, Brokers, Reinsurers, and other stakeholders, ensuring consistency, clarity, and efficiency in communications, transactions, and data exchanges.

Users can access the glossary via an online portal or integrate its datasets directly into their systems through an API interface.

Purpose:

  1. Consistency: Removes discrepancies in interpreting key terms across organisations.
  2. Efficiency: Streamlines communication and reduces misunderstandings in market-wide projects.
  3. Data Quality: Ensures uniformity in complex processes like claims handling and risk placement, improving data integrity.

Data Available:

  • ACORD GRLC CRP 3.2
  • LMA BII (Bodily Injury Index)
  • Core Data Record (CDR) v3.2
  • Core Data Record (CDR) v3.3 Treaty
  • Core Data Record (CDR) v3.4
  • Core Data Record (CDR) v3.5
  • Lloyd’s Coverholder Reporting Standards
  • Market Reform Contract (MRC) v3
  • Over 490 reference datasets from 18 sources, including ACORD, Lloyd’s, ISO, APRA, AIR, and FloodRe.

Key Features:

  • Comprehensive Definitions: Detailed explanations of essential insurance terms across the insurance lifecycle.
  • Cross-Market Adoption: Widely used by Lloyd’s syndicates, brokers, insurers, and service providers.
  • Alignment with Standards: Supports regulatory and business requirements by aligning with industry frameworks.
  • Technology Integration: Can seamlessly integrate via API

 

MBG is free to use for all Market participants, see the MBG.

To access MBG, you need to register first.

Ad hoc training on MBG and how you can integrate via API is available on request.

CONTACT LIMOSS

If you have a query, please contact the LIMOSS Service Desk