Insurance market leaders have penned an open letter to the London insurance market urging it to get on board with a single data standard to enable an accelerated and effective transition to digital ways of working. The call to action has support from the CEOs of ACORD, the IUA, LIIBA, Lloyd’s, the LMA, the LMG, PPL, Velonetic and Verisk.

The letter stated: “Now is the time to take action. All insurers and brokers who wish to take full advantage of a coming digital market will need their data to align to the ACORD GRLC Standard.”

Sheila Cameron, chair of the Data Council and CEO of the Lloyd’s Market Association, added: “Data has the potential to revolutionise our offering to clients. We can unlock magic when we all use the same standard. Look at other sectors, like open banking, and imagine what we can do across our industry, which is far more interwoven especially at Lloyd’s, than banking has ever been.

“Shared data standards save costs, break down barriers between London and the rest of the world, allowing London Market players to bring their unmatched capacity and expertise to other global insurance hubs.”