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) 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.

On this page, we provide the updated CDR for direct insurance and facultative reinsurance, approved by the Data Council and its Data Standards Technical Working Group. You can read more about the CDR on the “About the CDR” page.

Core Data Record (CDR) v3.2 published

The Data Council is pleased to announce the publication of two key assets in the digital journey for the London Market: the Core Data Record (CDR v3.2) for open market business and the latest version of the Market Reform Contract (MRC v3).

The CDR v3.2 has been updated to align with ACORD standards and the MRC v3. Many of the changes that have been made are structural rather than additional requirements, and are critical for implementation of a digital market.

The MRC v3 will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention.

View CDR v3.2 in Airtable

View MRC v3

Interactive versions of the Core Data Record (CDR) v3.2 and anonymised examples of the Market Reform Contract (MRC) v3 are now available on the LIMOSS Market Business Glossary (MBG). The LIMOSS MBG is a centralised source of business definitions, standards and reference data for use by the London Market. You can find out more information on how to access the LIMOSS MBG here.

Please note that the CDR will, by the nature of its contents, continue to evolve (for example, to accommodate changes in tax and regulatory requirements). Annual processes will be put in place to govern these changes.

CDR structure

The CDR is comprised of 37 mandatory fields which must always be provided, and 180 conditional mandatory fields of which a subset will need to be provided (subject to the conditions specified).

In most cases, CDR data (where applicable) will need to be provided at a section level, e.g. premium for every section. However, in some cases, data will need to be provided at a more detailed level, e.g. shares for each insurer.

A series of fields which are included in the CDR will be derived from the information provided. There are 15 of these fields.

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. Where they are participants, brokers and (re)insurers will have access to the CDR information for their risks and sections. 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.

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

The CDR will be the irrefutable source of information that drives digital processing. The broker will typically be responsible for capturing this data from the client and ensuring it is entered accurately into the MRC v3 and a placement platform. While work continues on the development of the Digital Gateway API for the technical specification 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

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

Support with using the CDR

The interactive CDR Glossary dashboard, available through the Insights Hub, has now been updated to align with the CDR v3.2.

The dashboard and accompanying data feed (available via an API) is an interactive tool to help market participants understand the CDR, as well as what data they need to collect to drive automated downstream processes. You can access it here:

An ever-growing resource, the Insights Hub provides powerful data visualisations and benchmarks to help market participants grow their portfolios and collaborate with others. Please note that your company will need to be registered for you to have access to the rest of the Insights Hub. Contact us on insightshub@lloyds.com to register your interest, ask a question or book a demo.