What is the MRC v3?
The MRC v3 is a revised version of the MRC which will enable accurate, ACORD standardised data, including most of the Core Data Record (CDR) data, to flow through the entire insurance transaction lifecycle with minimal human intervention.
Data is captured in the MRC v3 during risk placement and can be easily extracted to complete the CDR. This will be used to drive digital processing, consistent with the MRC v3.
Benefits
Strengthens data quality
Supports data completeness, increases accuracy and consistency by using controlled data standards.
Reduces re-keying
Saves time and reduces effort as data can be easily extracted.
Drives consistency
Ensures data is consistent across the MRC v3 and CDR reducing errors.
Progress update
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The MRC v3 has been published following market consultation and is now ready to be used
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The MRC v3 has been published and is ready to use
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Many brokers are using the creation of the ACORD compliant CDR and the MRC v3 as a platform to enable digital strategies within their firms; this is welcomed progress as we look to collectively drive the digitalisation of our market
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Digital strategies vary by firm, with some brokers choosing the data-first option and others adopting a more iterative approach
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With this in mind, there will be two routes to digital adoption that will both enable a common end state:
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Brokers can continue with MRC v3 implementation for open market contracts incepting from 1 January 2024 as originally outlined by the LMG Data Council
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Brokers can evidence robust plans to the Blueprint Two adoption team by 31 December 2023 that demonstrate their capability to produce digital messages (CRP / EBOT / ECOT) by the end of 2024 for onwards submission to Velonetic
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Through appropriate governance, the LMG Data Council intends to determine a point in the future where Velonetic will no longer accept LPANs as a direct feed into the Gateway and digital messaging will become a requirement for all market participants.
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Next steps for those market participants implementing the MRC v3:
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Familiarise themselves with the MRC v3 template, which can be accessed through the LIMOSS Market Business Glossary (MBG) or LMG website. Other resources including anonymised, populated MRC v3 examples are also available to support
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Brokers should produce all* new contracts and contract renewals using the MRC v3
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Carriers should be prepared to receive and understand the changes introduced within MRC v3 and supply their data in the new template
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*There is a small minority of instances where specific clients may require a different MRC format, which is catered for in the Lloyd's byelaw.
Further information
Discover more information on the MRC v3 on the London Market Group (LMG) website.
An interactive version of the MRC v3 is now available on the LIMOSS Market Business Glossary (MBG). To access the MRC v3, you will be asked to first register on the MBG.
