Welcome to the PRR Consultation
The London Market Group (LMG) Data Council’s PRR consultation moves us further along a path that will see truly fast flows of all our customer and risk information between the many participants in our often syndicated, delegated or layered market. Instead of sharing Word documents and PDFs, data will ultimately be transferred at ultra-high speed between those who need to share information.
What is PRR?
The Process, Roles and Responsibilities Working Group (PRR WG) was created to establish who will do what (and at what stage) during the target-state digital placement process. It was created to give more clarity to those involved in the process, as well as to give guidance to solution providers on what to build and cater for.
The PRR WG was tasked with reviewing (where necessary), sourcing a definition, then agreeing and recommending:
What is the LMG Data Council consulting on?
Following the near completion of the Core Data Record (CDR), the London Market Group’s (LMG) Data Council has put together some suggested recommendations for what the new processes, roles and responsibilities could look like within the target-state data/digital journey. These recommendations have been put together based on input from market associations, brokers, carriers and service vendors.
The LMG Data Council is now running a consultation process to sense check the recommendations against the business outcomes required by the market, as well as understand if the processes will address previously identified pain points and opportunities for increased operating effectiveness and efficiency. Please note this consultation is related to the target-state processes in place at the end of the transformation. You can read more about the aims and purpose of the PRR WG below.
Thank you for taking part and giving your feedback.
2-Feb - Consultation goes live
6th to 17th Feb - Kick-off webinars and Q&A sessions
6th Feb - IUA briefing – Recording of the briefing is coming soon
6th Feb - LMA briefing – Recording of the briefing is available here
8th Feb - LIIBA briefing – Recording of the briefing is available here
17-Feb - Deadline to nominate your point of contact
3-Mar - Consultation closes – please provide your feedback as early as possible
6-Mar to 6-Apr - Analysis period
After Easter - Debrief webinars and Q&A sessions
Early May - Analysis published
Where to get support:
PRR Consultation Queries
What we'd like from you:
All market participants are encouraged to provide their input, and we encourage feedback from all relevant functions within the organisation. The deadline to submit a single point of contact is 17 February.
Make sure your organisation has confirmed their one single point of contact to submit feedback on behalf of their organisation, and is responsible for filling out and submitting the questionnaire. This may be either the organisation’s Blueprint Two champion or their nominated individual. The deadline to submit a single point of contact is 17 February.
If you have any questions, get in touch with PRR@lloyds.com
Please read the introductory pack first before familiarising yourself with the consultation questions and the supporting material below.
Please submit your feedback through your point of contact by Friday 3 March.
Please click here to view and respond to the consultation questions