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.