By Scott Vincent

June 3 - (The Insurer) - Newly installed Lloyd's CEO Patrick Tiernan is among the signatories to an open letter published this morning that calls for the market to align to a single data standard.

The letter, which can be found here, calls on insurers and brokers to align with the Acord GRLC Standard.

"If data is held in a single format, you often don’t need complex and challenging projects to deliver real benefits. Local projects have tremendous potential for all parts of the market if we can only align to one data standard," the letter states.

"Data standards are an invisible but essential tool to unlock a better future. Act now to be a part of that future."

Alongside Tiernan, the letter has eight other signatories, including Velonetic CEO Bob James; Acord's president, international Chris Newman; Placing Platform Ltd CEO John Mason; and Verisk CEO Tim Rayner.

The CEOs of four leading London market industry associations have also signed the letter, including the Lloyd's Market Association's Sheila Cameron, who chairs the London Market Group's Data Council. LMG CEO Caroline Wagstaff is also among the signatories.

Cameron said: “Shared data standards save costs, breaks 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."