Detailed steps

Placing risk in the open market

The target state for Blueprint Two is a data first approach, however, it is recognised firms will be transitioning to the new services at different speeds. To accommodate this there is a document first option available in the short-term.

How do you place risk in the open market?

Document first

Where documents are used to facilitate Core Data Record (CDR) assembly and submission e.g. the Market Reform Contract (MRC).

Data first

Where system structured data is used to facilitate Core Data Record (CDR) assembly and submission.

How to get from document first to data first

To move to a data first model, speak to your technology team internally, and/or your technology partner. Typically, they would look at the following changes to support a data first model:

Enable a broader set of data to be captured at the beginning of customer interactions in Customer Relationship Management (CRM) systems and Policy Administration Systems (PAS) 
Use this data to assemble and submit a CDR from an accredited placing platform. If technology permits, this data could also be used to populate a MRC template
Interlink with accredited placing platforms to trade via Application Programming Interfaces (APIs)