iMRC consultation market sessions

On 4 July, the LMG’s Data Council opened the consultation process on the iMRC (Intelligent Market Reform Contract), enabling the market to give feedback on the proposed changes.

Lloyd’s collaborated with the IUA, LMA and LIIBA to host a series of knowledge-sharing webinar sessions, which also gave market participants the opportunity to ask any questions.

The sessions were attended by over 180 participants and covered:

• The proposed changes being made to the MRC and potential benefits for the marketplace.
• An overview of the consultation process and how market participants can give their feedback.
• How the iMRC will help shape the path towards computable contracts and make our digital marketplace a reality.

Watch a recording of the sessions here:

What is the iMRC?

The iMRC is an updated version of the Market Reform Contract, a document including all the necessary information required to insure a particular risk. The proposed changes to the MRC are based upon the data fields in the Core Data Record (CDR), which was finalised earlier this year. The updated layout is specifically designed to make extracting this data accurate, reliable and consistent, and able to flow through the entire transaction lifecycle with minimal human intervention.

How to give your feedback

The LMG have asked market participants to identify a single point of contact who will be collecting feedback on behalf of their organisation. Please submit this feedback by 16 September. You can read more on the LMG website.

If you have questions about the iMRC, take a look at the LMG website or get in touch with iMRC@lloyds.com. For regular updates, sign up to the Future at Lloyd’s newsletter and keep an eye on Lloyd’s social channels (LinkedIn and Twitter).