23 February 2022: DQPro is pleased to announce the second release of its innovative Market Standard for carrier-side data assurance which includes contributions from ten leading London Market carriers across the Lloyd’s and non-Lloyd’s markets.
Launched originally in February 2021, the DQPro Market Standard is a unique combination of business data monitoring rules, workflow and analytics designed to deliver the essential data assurance London market insurers require across their underwriting operations. By mapping current controls to the DQPro Market Standard, insurance providers can identify gaps and address them quickly and easily.
The Market Standard is the first data assurance framework for London market insurers and this second release comprises over 150 essential checks for nearly 200 data points across five key categories:
- Policy and Claims Accuracy
- Underwriting Governance and Controls
- Lloyd’s Regulatory Data
- Delegated Authority
New rules for the current version also include additional data checks for Tide, Cyber policies and several key SOX controls for premium movement.
DQPro Co-Founder Nick Mair said:
“With the London insurance market continuing to evolve at a rapid pace, the success of many providers hinges on their ability to adapt and in particular, proactively embrace an increasingly data-driven future. The industry is still affected by issues surrounding data flow which impacts data quality – and given that data exchanges are integral to all insurance processes, these need to be addressed quickly and effectively in order to remain relevant. The solution is market standards – not only for data transfer but also for data quality – which allows data to be developed and used without friction by everyone in the insurance chain.
DQPro’s Market Standard, which we have continued to evolve since it was launched last year, delivers a ready-made assurance framework that carriers can deploy and integrate across their many systems as well as providing a platform for best practice. Whether a business needs to monitor its underwriting limits, better manage its EPI variance or simply comply with the latest Lloyd’s requirements for Cyber data, our Market Standard provides a solid foundation for company-wide data assurance and controls.
For DQPro customers, the standard offers providers an opportunity to share, collaborate and improve alongside their market peers. Carrier deployments strengthen as the standard evolves with continuous input from the DQPro Community – and by mapping current controls to the Market Standard, gaps in an insurer’s data assurance and control environment can be identified and addressed easily and effectively.”
David Gee, Head of Data Quality & Governance, Tokio Marine Kiln, commented:
“The DQPro Market Standard helps us to ensure we’re keeping step with the most essential market checks as we improve our processes and grow our business, while allowing us to share and learn with our peers.”
The DQPro Market Standard will continue to evolve and expand in 2022 and beyond with continuous contribution from the growing DQPro user-base and from the market itself as new requirements emerge.