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 1 June 2021, we issued the fourth iteration of the CDR. We are requesting final comments on the new and updated data items, which are listed in the Release Notes tab on the CDR template. This iteration includes updates based on consultation feedback and the final 9 fields towards the first baseline of the CDR. All comments have been retained from previous iterations and are visible in the template.
Your input has been invaluable. To date, we have received over 650 comments from around 40 organisations representing brokers, carriers and managing agents, vendor and technology companies, and market associations. This input has been invaluable to the development of iterations, and we have shared the changes made to the template in the Release Notes. In this iteration, the updates have focused on comments made on the second iteration of the CDR.
We have also been working with 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 the last month, we have reviewed the CDR updates and discussed complex data items with the group.
The final deadline for comments on the fourth iteration of the template is 15 June as we finalise this baseline template of the CDR for Open Market North American Property insurance. 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.
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?
The deadline for final comments is 15 June so that we can finalise the baseline template of the CDR. The initial scope for this simulation is Open Market North American Property, followed by other classes of business. We will provide our next update w/c 28 June.
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 managing agents 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 June.
CDR Updates - 2021
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
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)