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The Core Data Record

Learn more about the Core Data Record and how it can help your organisation

Data Council approves the final Core Data Record for direct insurance and facultative reinsurance

On 31 March 2022, the London Market Group announced that the Data Council had approved the third and final iteration of the CDR for direct insurance and facultative reinsurance for the company and Lloyd’s markets, and agreed the adoption of ACORD standards.

Purpose of the Core Data Record

The Core Data Record (or CDR) provides the critical transactional data which needs to be collected by the point of bind to drive downstream processes: premium validation and settlement; claims matching at first notification of loss; tax validation and reporting; and regulatory validation and core reporting.

The CDR has been defined in the context of the wider London insurance marketplace working across both the Lloyd’s and Company markets and is governed by the Data Council of the London Market Group. The Data Council membership was announced by the London Market Group (LMG) on 20 December 2021. The LMG issued ‘Data Council and Technical Group updated membership’ on 15 March 2022.

On this page, we provide the completed CDR for direct insurance and facultative reinsurance, approved by the Data Council (the third iteration as at 22 March 2022) with notes on its scope, the actions market participants can take now, and next steps.

The approved CDR

On 22 March 2022, the Data Council approved the third and final iteration of the CDR for direct insurance and facultative reinsurance. The London Market Group issued a press release including technical Q&A on 31 March 2022. This covers the approval of the CDR and the Data Council’s decision to adopt ACORD standards: please read Data Council agrees ACORD standards adoption and content for Core Data Record.

The first iteration of the CDR for North American property placed through the open market was issued for consultation in January 2021. This was followed in November 2021 with the second iteration which set out the proposed data requirements for insurance and facultative reinsurance placed through the open market for all classes and territories. The third iteration set out in Airtable below follows the consultation which closed on 31 January 2022 and provides the complete data set for this scope of work.

The approved CDR is the product of over 1,000 pieces of market feedback, and detailed deep-dive sessions with the Data Council’s Data Standards Technical Group in February and early March.

The comments received were all analysed and key themes were identified. These themes were discussed with the Data Standards Technical Group. They included the structure and referencing of contracts and sections, classifying business, market share and roles, and premium, limits and deductibles.

The CDR sets out the standard across direct insurance and facultative reinsurance for the automation of the following processes:

  • Premium validation (Company and Lloyd’s markets)
  • Automated claims validation (Company and Lloyd’s markets)
  • Tax and regulatory automated validations (Lloyd’s market)

We expect the CDR data set to largely be data that is already captured by the broker today, and with significant proportions being conditional (to class or type of policy), the volume of data required for most contracts should be achievable. In recognition that not all data will be available at bind, we have tried to minimise the amount of data capture at this step, focusing on what is required for 80% of risks to be fully automated. We are still working through the best way to capture the remaining data required for 20% of the more complex risks and will be agreeing our approach to this at the Data Council. Our key focus is ensuring we capture enough data to drive the new digital process, while minimising disruption to the journey and the process of getting our clients covered.


The CDR lays out the business requirements of data that is required to be captured at the point of bind and sent to the Digital Gateway Application Programming Interface (API). It is a digital representation of the following four areas of the Market Reform Contract (MRC), and associated data items. The CDR powers these processes and forms – in parallel with the MRC – an irrefutable record.

Accounting & Settlement (Company and Lloyd’s markets)

Capturing data needed to set up initial records in the new IPOS systems at the joint venture, and to enable the reconciliation of technical accounts and financial accounts, allowing funds to be settled automatically.

Claims Matching (Company and Lloyd’s markets)

Capturing data needed to match First Notice of Loss to the relevant Market Reform Contract automatically and identify the claim agreement parties.

Tax Validation & Calculation (Lloyd’s market)

Capturing data needed to validate taxes, enabling tax certainty and reducing friction with premium processing.

Regulatory Reporting

Capturing data needed to satisfy regulatory and supervisory functions, keeping licenses in place without inefficient queries.

We will continue to work with the Data Council’s Data Standards Technical Group to extend the scope of the CDR to include other types of reinsurance (e.g. treaty), and other methods of placement including delegated authorities, and claims. We will review the alignment to the existing Coverholder Reporting Standards as part of this exercise to ensure we have a single standard across all Lloyd’s and company market insurance for automated downstream processing.

We will also work to align the CDR with the ACORD Global (Re)Insurance and Large Commercial (GRLC) data standard for the London market as this will allow for the full interoperability with the ACORD standards.

It is important to note that the CDR is not intended to provide a technical specification – this will be provided in the Digital Gateway API from the joint venture in due course (as set out in the second Interactive Guide).

What do market firms need to do with the approved CDR?

The CDR will be the irrefutable source of information that drives digital processing. While the broker will typically be responsible for capturing this data from the client and ensuring it is entered accurately into the intelligent Market Reform Contract (iMRC) and a placement platform. While work continues on the development of the Digital Gateway API for the technical specification, and an evolved MRC template, that will unlock the full potential of the benefits of better, faster and cheaper processing, there are actions that market participants can take now.

Brokers, insurers, and service providers

  • View the approved version of the CDR in Airtable
    • Brokers - Identify whether you hold the data to populate the fields. If you do not currently hold the data, how will you capture it to complete the CDR?
    • Insurers - Consider how you can leverage the fields in the CDR for reconciliations.
    • Service providers – Do your product and services currently enable the collection of the data fields in the CDR? If not, how will you support your clients to collect this data?
  • Email us with your questions.

Open market target state

The image below sets out the target state for open market data in 2023/2024. More detail on the end-to-end digital processing journey is set out in the Blueprint Two Interactive Guide second edition published on 28 January 2022. We strongly recommend that you read the guide and roadmap and use these to inform your approach to planning and implementation. 

Open market target state, getting covered 2023/2024

Please email us if you have any questions about any aspect of our work on open market data.

CDR structure

The CDR is comprised of 45 mandatory fields which must always be provided at the point of bind, and 80 conditional mandatory fields of which a subset will need to be provided at the point of bind subject to the conditions specified.


Risks which are more complex, for example multi-territory or contain certain item types, will require a further set of conditional fields at a more detailed asset level, or that specify specific regulatory information. There are 44 of these fields in total but all are conditional, for example to territory. This information must be provided prior to monies being settled. Information on taxes payable will also be expected at this later point in the process, prior to settlement. We are still working with the Data Council on the most effective way to capture this second set of data.


CDR data (where applicable) will need to be provided at a section level, for example the (re)insurers and their shares, and the locations and insured items that the section covers.

A series of fields which are included in the CDR will be derived from the information provided. There are 20 of these fields.

A summary of the Core Data Record and the information it covers is shown below. Each block is a series of fields in the CDR. The number in brackets shows the total number of fields in the block including all of the mandatory, conditional and derived fields. As set out above, not all of this information will need to be provided for all risks; nor does it all need to be provided at the point of bind; many fields are conditional and others only need to be provided prior to settlement.

CDR image 31 March
CDR image 31 March

How the CDR will be used

All data will be processed and stored within the joint venture infrastructure with the joint venture acting as the legal entity accountable as the data processor. Brokers and (re)insurers will have access to the CDR information for their risks and sections where they are participants. Lloyd’s will receive only required regulatory and supervisory information in line with data currently sent from the Bureau today.

The CDR lays out how each data item will be used and which processes, validations, and checks each item will power. This is to provide the utmost transparency on how all data will be used. We will make it crystal clear on where each data element is being utilised.

Consultation timeline


June 2021

North American Property

Iteration 1

Read more


Nov 2021

All classes of business & territories

Iteration 2

Read more


Jan 2022

End of consultation

Read more


Mar 2022

Data Council approval

Iteration 3: complete for all classes of business and territories for direct insurance and facultative reinsurance

Read more

Final publication for adoption

Read more

The first iteration of the CDR focused on North American Property with a read-only baseline version published on 30 June 2021. The second iteration covered all classes of business and territories and was published for market-wide consultation from 30 November 2021 to 31 January 2022. The third and final iteration, published on 31 March 2022, was approved by the Data Council at its meeting on 22 March 2022.