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About the Core Data Record

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 delivering a better service to customers.

What is the CDR?

The CDR defines the information and data required to digitise the placement process. More detail is given in the Blueprint Two Interactive Guide second edition.

An effective CDR that collects standardised, quality data, right first time will make it better, faster, and cheaper to do business in the Lloyd’s market. As the critical information and data will be complete and captured consistently across the market it will significantly reduce the administrative burden on the market, while enabling automation and straight-through processing.

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. We are working with market authorities and organisations across numerous markets and locations through the Data Council’s Data Standards Technical Group to shape the CDR, and expect it to become a valuable, certified industry standard, no matter where you are.

Speed-up and simplify

The CDR will dramatically speed up and simplify the end-to-end process from placement and claims to settlement.

Minimise rekeying

Deriving information and sharing it back to the owners, significantly reducing the administrative burden on the market.

Transparent and Clear

Providing visibility of the data required, and how it is used in the end-to-end process.

A certified standard

Developing a market-wide standard for data quality and integrity that allows data to move seamlessly in the market.

We’ve chosen to invest in this work to create a step change in the efficiency and innovation in the Lloyd’s market, and to power up the industry as a whole. We have opened it up to participants in the Lloyd’s market to innovate off its solid base. It’s about solutions created by the market for the market.

How will the CDR work?

High quality data will be captured during placement from existing platforms, documents and support services, and collated in the Core Data Record.  

Check and enrich
The initial CDR data will be checked to ensure it is accurate and meaningful. Only then will the CDR be enriched with further derived data from Lloyd’s references, external sources, and rules or algorithms.

Power processes
Once the final CDR data has been verified as complete it will be able to power downstream processes and start to deliver benefits. Acting as a source of data that can be interrogated, the CDR will be made available to subsequent processes and back to the relevant brokers and insurers. This will minimise rework, speed up and simplify accounting, payment, reporting, and following endorsements and claims.

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)

Previous versions


The CDR lays out the business requirements of data that is required to be captured at the point of bind and sent to the Digital Gateway Application Programming Interface (API). It is a digital representation of the following four areas and associated data items. The CDR powers these processes and forms – in parallel with the MRC v3.

Claims Matching (Company and Lloyd’s markets)

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

Accounting & Settlement (Company and Lloyd’s markets)

Capturing data needed to set up initial records in the new IPOS systems at the joint venture, and to enable the reconciliation of technical accounts and financial accounts, allowing funds to be settled automatically.

Tax Validation & Calculation (Lloyd’s market)

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

Regulatory Reporting

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

Process, Roles and Responsibilities (PRR) Final Recommendations 

Having considered feedback provided in the Process, Roles and Responsibilities (PRR) Market Consultation earlier this year, the London Market Group’s Data Council has now published its PRR Final Recommendations.

This key deliverable sets out the final recommendations for a fully digital open market placement process, and the allocation of roles and responsibilities for the creation, approval and submission of data into the Core Data Record (CDR) and the processing of that data.

The recommendations are the first part of a trilogy of important documents to be published in sequence over the next three months, which together will help drive adoption of the new, digital ways of working. The three documents are:

  • PRR Final Recommendations – now published  
  • ACORD GRLC Contract, Risk & Pre-Accounting Toolkit – to be published in August 2023
  • Good Practice Guide – to be published in September / October 2023

If you have any questions, please contact