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The Core Data Record

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

Purpose of the Core Data Record

The Core Data Record (or CDR) denotes the critical transactional information which needs to be collected in order to drive automated downstream processes.   

The CDR is being defined in the context of the wider London insurance marketplace working across both the Lloyd’s and Company Markets and will be governed by the Data Council of the London Market Group (currently being established).

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 risk to be fully automated. We are still working through the best way to capture remaining data required for 20% of 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.

Scope

The CDR defines the data requirements for insurance and facultative reinsurance placed through the open market for all classes and territories.  It also forms the basis for the standard we expect to apply to treaty and delegated business. In early 2022, we plan to validate the use of the CDR for treaty business and to align it to the Coverholder Reporting Standards, and we will look at the data needed for claims. This will ensure we have a single standard across all London market insurance for automated downstream processing.

Tax Validation & Calculation

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

Accounting & Settlement

Capturing data needed to reconcile technical accounts and financial accounts, allowing funds to be settled automatically.

Regulatory Reporting

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

Claims Matching

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

Open market target state

Open market target state, getting covered 2023/2024

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 accruately into the intelligent Market Reform Contract (iMRC) and a placing platform, it is the underwriter who will ultimately be accountable for ensuring its accuracy as they carry out their final checks on the contract.

More details on the end-to-end digital processing journey will be published in the next edition of the Blueprint Two Interactive Guide in early 2022. Please email us if you would like more information now.

CDR structure

The CDR is comprised of 43 mandatory fields which must always be provided at the point of bind, and conditional mandatory fields which must be provided at the point of bind subject to the conditions specified (a typical policy would only require around 20 of those conditional fields).

CDR-2Parts-Illustration

Approximately 20% of risks, typically those that are more complex multi-territory or item types, will require a further set of conditional fields at a more detailed asset level. This must either optionally be provided at the point of bind, or may be provided later, but prior to monies being settled. We are still working through the most effective way to capture this second set of data.

CDR-ComplexRisk-Illustration

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.


How the CDR will be used

The information from the CDR will be used as the irrefutable record and used to validate the technical and financial accounts.  

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 continue to refine this through the consultation so it’s crystal clear on where each data element is being utilised.

Consultation timeline

30

June 2021

North American Property

Iteration 1

Read more

30

Nov 2021

All classes of business & territories

Iteration 2

Read more

31

Jan 2022

End of consultation

Read more

Data Council approval

Read more

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 for consultation covers all classes of business and territories. The consultation is open from 30 November 2021 until 31 January 2022. When established by the London Market Group (LMG), the Data Council will be responsible for the governance of the CDR. 

We need your help

The purpose of our market-wide consultation is to share the latest iteration of the CDR and gather feedback on the clarity of the requirements and the ease of providing the data, together with developing some further understanding of a series of key questions

CDR Updates

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