Core Data Record
The CDR will ultimately enable standardised, quality data to flow through the Lloyd’s market.
The Core Data Record (CDR) will ultimately enable standardised, quality data to flow through the Lloyd’s market, with the aim of significantly improving operations, reducing the cost and effort of doing business, and ultimately delivering a better service to customers. This premise is at the heart of the Blueprint Two programme, which is the second phase of Lloyd’s ambitious Future at Lloyd’s strategy to shift the market to a digital ecosystem, powered by data and technology.
We need your help
On 6 April 2021, we issued the second iteration of the CDR which expanded, and added, on some areas of the CDR. The comments have been retained from the first iteration.
Your input will be invaluable as we work together alongside a Beta group of market participants – including insurers, ACORD, market associations and placement providers – at a detailed level to advance and refine the CDR as we bridge the gap between the theory and how it will work in practice.
In addition to your own comments, we strongly encourage you to share your insight and input on others’ comments so that we can gather a collective view.
We will work iteratively to publish updated iterations of the CDR template as we incorporate these learnings, comments and feedback. On 9 April we will collate the first tranche of comments to take into the development of the third iteration. All comments will remain in the CDR template for your review, and additional insight and input. We will next update you of progress by the end of April. On current plans, we will collate the second tranche of comments by 7 May to inform the development of the fourth iteration.
What are we asking for your feedback on?
The scope for the current iteration of the CDR is the Open Market North American Property class of business. ‘Reviewing the CDR template’ is aimed at helping you to navigate the template. We are asking for your feedback on this iteration of the CDR template, including comments made by others, to help us produce a practical, usable and valuable CDR. We have included notes alongside the template to help you to navigate the tabs and fields, and see easily what is new or updated in the latest iteration. We strongly encourage you to review new areas as they are added to iterations - even if you have commented on previous iterations - so that we can benefit from your input and insight to deliver a solution that ultimately enables standardised, quality data to flow through the Lloyd's market more efficiently and effectively.
What’s coming up?
We will publish updated iterations of the CDR template as we incorporate the feedback we receive. This input will assist the development of the CDR so that a simulation can be built which can be used to validate data inputs, test the technology process and data enrichment, and inform the next stage of development. The initial scope for this simulation is Open Market North American Property, followed by other classes of business and subsequently Delegated Authority business.
CDR Updates - 2021
6 April 2021 We have expanded, and added, some fields to the CDR template in the second iteration and strongly encourage you to continue to give us your input and insight, even if you have previously provided comments on other fields. All comments made on the template to date are visible, and following your feedback we have included a ‘like’ button so that you can indicate your support for comments made by others. We are also grateful for any comments you may prefer to email us direct. On 9 April we will collate the first tranche of comments received to take into our development of the third iteration. This will not change what you will see as all comments will be retained in the CDR template. We will provide our next update by the end of April. On current plans, we will collate the second tranche of comments by 7 May to inform the development of the fourth iteration. Please get involved now to ensure we develop a solution that ultimately enable standardised, quality data to flow through the Lloyd’s market.
31 March 2021 Since the launch of the first iteration of the CDR on 11 March, we have been reviewing comments and preparing the second iteration which will expand on some areas, and add others. We will provide a further update after Easter. Until then, we encourage you to continue to add your insight and input to the CDR template or, if you would prefer, please email us.
11 March 2021 Press release: Lloyd’s publishes first iteration of its Core Data Record under Blueprint Two
On Tuesday 9 February 2021, Lloyd’s started working with 17 brokers and insurers (covering both managing agents and the company market) in a closed Beta Group to test and refine the Core Data Record.
Ed Broking/ BGC/ Corant
Howden (RKH Specialty
Specialist Risk Group
Willis Towers Watson
The group also includes the following market associations and placement platforms:
International Underwriting Association (IUA)
London and International Insurance Brokers Association (LIIBA)
London Market Association (LMA)
London Market Group (LMG)
Placing Platform Limited (PPL)