A host of London market CEOs have signed an open letter in support of a “hearts and minds” campaign that aims to promote shared data standards.
The campaign will run throughout June and includes a call to action from the CEOs of Acord, the International Underwriting Association, the London & International Insurance Brokers Association, Lloyd’s, the Lloyd's Market Association, Placing Platform Limited, Velonetic and Verisk.
Data Council chair Sheila Cameron said: “Data has the potential to revolutionise our offering to clients.
“Shared data standards save costs [and 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.”
Velonetic CEO Bob James said: “Data standards are so simple and yet so often resisted as being ‘complicated’. They are really the ‘cookie cutter’ that saves time and effort.
“This campaign sets out to reach everyone in the industry – be they underwriter, accountant or analyst – helping everyone realise that, if we share data standards, we can do our jobs better, work faster and deliver massive benefits to clients.”