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Core Data Record

The CDR will ultimately enable standardised, quality data to flow through the Lloyd’s market.

The Core Data Record (CDR) will 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

Thank you for your help so far

We closed the consultation on the fourth iteration of the CDR on 15 June 2021. Your input has been invaluable to the development of the initial iterations of the CDR for Open Market North American Property insurance. To 16 June 2021, we had received over 770 comments from around 40 organisations representing brokers, carriers and managing agents, vendor and technology companies, and market associations. We have also been working with a Beta group of market participants – including insurers, ACORD, market associations and placing platform 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.

You can view the baseline CDR, together with details of the changes made to the template in the Release Notes, in Airtable on the Reviewing the Core Data Record Template.

We have been working on the extension of the CDR to all risk classes and territories and plan to share this with you for a market-wide consultation in October.

What are we doing next?

We are focusing our efforts on four key areas to promote a data-first strategy that will automate the entire transactional process between the insurer and broker.

1. Working on a proof of concept of the baseline CDR for Open Market North American Property insurance.

Whitespace is incorporating the new data standards in the development of their product and testing the integration of a placement support service, and is working on a proof of concept in conjunction with McGill and Partners and Munich Re Innovation Syndicate that will validate data inputs, and test the technology process and data enrichment. This will be the first stage of the proof of concept which will inform further stages.

2. Developing the market data model.

In Blueprint Two we said that the CDR would inform the design of the future data model which is a foundational capability of a data-first marketplace. The market data model is the conceptual and logical design of the data requirements captured by the CDR. We committed to developing and publishing a market data model that would enable data mapping to market participant systems ensuring consistency across the market supporting a common understanding of the language and terminology used, and to inform the design process of the products and services provided to the market by Lloyd’s.

On 30 June 2021 we published a first draft of the conceptual data model for information.

As we did in the development of the first iteration of the CDR, we will be sharing the data model with the Beta Group to gather and incorporate initial input from market participants. We will publish an updated draft version [at the same time as/as soon as possible after] when we provide an update on the development of the baseline version of the Open Market North American Property insurance CDR.

Market participants and suppliers will regularly be invited to contribute, explore and attend review sessions and will have access to the model as it develops to ensure adoption.

3. Supporting the development of the intelligent Market Reform Contract (iMRC).

The Market Reform Contract (MRC) is administered by the London Market Group (LMG) on behalf of the associations. The MRC, alongside the work we are doing to digitise processes for the Lloyd’s market, will introduce more structure and guidance into the MRC with the objective of capturing placement data in a more consistent format. Data fields captured in the iMRC will be used to populate the CDR. The CDR will be the irrefutable record of the transaction at the point of bind. We continue to work with the LMG, insurers, brokers, ACORD, market associations and placing platforms to support the design, iteration and deployment of the first version of the iMRC.

4. Extending the CDR to cover the breadth of Open Market insurance

We plan to extend the CDR to all risk classes and territories iteratively throughout the second half of 2021. We will start with analysing the additional data fields required for fixed property globally, before moving on to other lines of business. In addition, we will be looking at the roadmap for when market participants and placing platforms will need to be ready to adopt the iMRC.

As we iterate the CDR, we will continue to engage with market participants and other interested parties through the same mechanism we have used to date. We will communicate on these pages when the next version is ready for review.

What’s coming up?

As set out above, we are focusing on four key areas to promote a data-first strategy that will automate the entire transactional process between the insurer and broker. The initial scope for the testing and validation of the baseline version of the CDR was Open Market North American Property. We have been working on the extension of the CDR to all risk classes and territories and plan to share this with you for a market-wide consultation in October.

To support the capture of high-quality data and ensure there is clear guidance on what data is required for tax and regulatory purposes, we are further developing the Coverholder Reporting Standards V5.2. We are working with a group of insurers and brokers to get input and feedback, which will lead to the release of an updated version of the Coverholder Reporting Standards for Premium and Claims in Q4, following agreement with market associations.

CDR Updates - 2021

30 June 2021  We provided an update on our four key areas of focus to promote a data-first strategy, and published:

We will provide our next update in September.


1 June We issued the fourth iteration of the CDR template for Open Market North American Property class of business and are requesting final comments by 15 June. The template has been updated based on consultation feedback and the final 9 fields to be added towards the first baseline of the CDR. All comments have been retained from previous iterations and are visible in the template. We will finalise this baseline template of the CDR for Open Market North American Property insurance at the close of the consultation on 15 June and will provide our next update w/c 28 June.

4 May 2021 We have expanded, and added, some fields to the CDR template in the third iteration. Comments from the first iteration have been applied in data definitions, with a set now ready for review within the CDR template (this is identified by the Sign-Off Stage field). We strongly encourage you to continue to give us your input and insight, even if you have provided comments on previous iterations. All comments made on the template to date continue to be visible. We are also pleased to receive any comments you may prefer to email us direct. On 7 May we will collate the second tranche of comments received to take into our development of the fourth iteration. This will not change what you will see as all comments will be retained in the CDR template. The final deadline for comments on the third iteration of the template is 31 May so that we can finalise this baseline template of the CDR for North American Property class of business.

As part of this development, we are continuing to work with participants in the Beta group. In order move from theory to practice and test the creation of the CDR, we are engaging closely with Whitespace who are incorporating the new data standards in the development of their product and testing the integration of a placement support service. This proof of concept is in conjunction with McGill and Partners and Munich Re Innovation Syndicate to build an internal simulation which can be used to validate data inputs, test the technology process and data enrichment, and inform the next stage of development. This work promotes a data-first strategy that will automate the entire transactional process between the insurer and broker. Lloyd’s will continue to collaborate with all players to increase efficiency, reduce back office costs, and improve customer outcomes in the placement journey which will power downstream claims and settlement processes. We strongly encourage you to get involved now to ensure we develop a solution that ultimately enables standardised, quality data to flow through the Lloyd’s market. We will provide our next update w/c 31 May. 

30 April 2021 We have continued to develop the CDR template since issuing the second iteration on 6 April and are getting ready to publish a third iteration next week. Please continue to add your insight and input to the current iteration of the CDR template or, if you would prefer, please email us.

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

Contact

Contact us to ask a question

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.

Aon
Ascot
Atrium
AXA XL
Beazley
Brit
Ed Broking/ BGC/ Corant
Howden (RKH Specialty
Marsh
Miller
Price Forbes
QBE
Specialist Risk Group
Talbot
Tysers
TMK
Willis Towers Watson

The group also includes the following market associations and placement platforms:

ACORD
International Underwriting Association (IUA)
London and International Insurance Brokers Association (LIIBA)
London Market Association (LMA)
London Market Group (LMG)
InsurWave
Placing Platform Limited (PPL)
Whitespace