CDR background information
On 22 March 2022, the Data Council approved the third iteration of the CDR for direct insurance and facultative reinsurance. The London Market Group issued a press release (including technical Q&A) on 31 March 2022. This covers the approval of the CDR and the Data Council’s decision to adopt ACORD standards (please read Data Council agrees ACORD standards adoption and content for Core Data Record).
The first iteration of the CDR for North American property placed through the open market was issued for consultation in January 2021. This was followed in November 2021 with the second iteration, which set out the proposed data requirements for insurance and facultative reinsurance placed through the open market for all classes and territories. The third iteration set out in Airtable below follows the consultation which closed on 31 January 2022 and provides the complete data set for this scope of work.
The third iteration of the CDR is the product of over 1,000 pieces of market feedback, and detailed deep-dive sessions with the Data Council’s Data Standards Technical Group.
The comments received were all analysed and key themes were identified. These themes were discussed with the Data Standards Technical Group. They included the structure and referencing of contracts and sections, classifying business, market share and roles, and premium, limits and deductibles.
The CDR sets out the standard across direct insurance and facultative reinsurance for the automation of the following processes:
- Premium validation (Company and Lloyd’s markets)
- Automated claims validation (Company and Lloyd’s markets)
- Tax and regulatory automated validations (Lloyd’s market)