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Frequently Asked Questions

Take a look through our latest list of Frequently Asked Questions

The CDR is part of the Blueprint Two programme, which is the second phase of Lloyd’s ambitious Future at Lloyd’s strategy to shift the market to a digital ecosystem, powered by data and technology. The 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 ultimately delivering a better service to customers.

We request that market participants and their service providers review the CDR and consider whether the requirements are clear; and how easy, or difficult, it would be to provide this information. Managing agents and syndicates may wish to talk to their brokers and service providers about how any information which is currently not being requested could be collected. It would be helpful for us to understand any areas where the requirements are not clear, and any fields which could be particularly difficult to provide: that way we can help provide more clarity and support as needed, so please complete our survey and provide comments.

In future, the CDR will form the data standard that is required to fully utilise digital processing and be the minimum information to process risks faster and more efficiently. We also hope it will help become a standard for sharing core contract information across the London market.

The draft CDR covers data up to the point of bind for open market insurance and facultative reinsurance. The CDR under consultation comprises 5 data domains and 22 data concepts as shown in the diagram. There are 154 fields that sit under these which can be found in Airtable.

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This version of the CDR is focused on placement and we have not included all of the data which would need be collected when a claim arises. The claims data referred to in this draft is the information which can be collected at placement to enable policy matching when the first notice of loss arrives. We ask that you review the CDR with particular focus on the fields marked for claims.

No. 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 more 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.

As set out on the dedicated Core Data Record webpages, the CDR is split into two sections.  

1) At bind there will be a set of ‘mandatary data’ and ‘conditional mandatory data’ required for all risks, and a set of fields that will vary depending upon the class of business and/or type of (re)insurance. These data items will be required at the point of bind with the Gateway helping to ensure that the correct conditional fields are provided. 

2) Post bind, but prior to any fund movements, approximately 20% of risks will require additional information to validate taxes, or ensure regulatory compliance. We will be able to inform the broker and managing agent of this at the point of bind, but recognise that this extra data may be the hardest set of information to collect. Typically (but not exclusively) data in this category (flagged as optional at bind data) is schedule related information which will need to be provided for each item. We wanted to provide extra time for this information to be gathered and potentially may offer a business process outsourcing mechanism through the Joint Venture infrastructure to extract this information if it is not easily available for export directly into a placing platform or the digital Gateway.

Approximately 80% of risks will not require this extra data, i.e. risks that are single territory and/or item type in the majority of jurisdictions around the world.

Risk codes have developed gradually over time and present a barrier to us fully automating processes; they do not enable us to segment risks to meet changing business needs and it is difficult for any party that is not familiar with Lloyd’s to understand and assign risk codes.

We plan to capture key details about risks as separate pieces of information within the CDR and so, ultimately, remove the need for risk and foreign insurance legislation (FIL) codes.  

The CDR includes the information required to derive risk and foreign insurance legislation codes. The colour wheel below is a summary of the information that needs to be captured to enable this new method of classification.

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Lloyd’s recognises that risk codes are currently used in many systems and processes and plans to enrich the data in the CDR with the appropriate code(s) using the key facts provided about the risk.

For example:

Where the insured item is Fine Art, only one risk code FA can apply.  
Where the insured item is Bloodstock or Livestock applying a code is a little more complicated. Where the business is written under Excess of Loss, risk code NX applies; otherwise, if the insured item is Bloodstock, the code is NB, and if the insured item is Livestock then the code is N.
Where the insured item is property many different codes may apply. Typically, we will need to consider the:

-  coverage, e.g. difference in conditions or property damage;
- perils, e.g. fire, terrorism or war on land;
-method of placement, e.g. open market or binder; and
- location of the property.

This diagram shows how logic might be used to derive risk codes for Open Market North American Property Insurance business.

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Foreign Insurance Legislation (FIL) codes are currently generated manually and are used by Lloyd's and market participants to group transactions and drive multiple downstream processes including regulatory reporting. There is a set of key data fields which we aim to collect through the CDR to enable the calculation of FIL codes automatically. This sort of logic is already being used in Lloyd's Direct Reporting (LDR). The example below illustrates how FIL codes will be calculated within the scope of Open Market North American Property insurance.

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Fields in the CDR can be either single or multiple values. Where fields are multiple, the CDR indicates this. For example: Insured Item will multiply by the number of insured items associated with the risk.

We only expect details of certain perils and coverages, and limits and deductibles at the whole or section level to be provided as part of CDR. This is to enable functions such as tax validation, regulatory reporting and FIL/risk code calculation. Coverages and perils will need to be selected from a short, defined list. Not every single coverage or peril included under the Market Reform Contract needs to be provided in the CDR. We recognise that when it comes to claims, this will limit the information available in the CDR, and it also doesn’t provide a complete digital record of all elements of the risk. These are complex data sets that aren’t fully standardised across the market, so we have focussed on driving digital processing, as per the scope of the CDR in Blueprint Two.

We will collect aggregated information on the location and items insured at the point of bind. In most situations (>80%) we expect this to be enough information to drive automated digital processing. In some scenarios where regulation requires it, or where tax validation needs specific item information, we will request elements from a schedule of values. This additional detail may be captured by the point of bind, or as a secondary submission prior to settlement. We are still evaluating the best approach for collecting this.

Aggregate information is summarised as the type(s) of item(s) (for example property, vehicle, person), and the country(ies) and country sub-division(s) (for example California, US) where the items are located and/or registered.

This approach is driven by the lack of standardisation in schedule of values information and the complexity around having this readily available for all contracts at the point of bind.

The CDR has been built in line with the requirements for the two key systems that form the backbone of the Joint Venture digital processing solution (IPOS & ICOS). These systems and the data inputs required to power them for digital processing and first notification of loss are common requirements across both Lloyd’s and Company Market. As such a significant proportion (50% all A fields) of the CDR is common and can be utilised across both markets. We recognise that if there is no Lloyd’s participation on a slip then the fields required just for Lloyd’s reporting and/or validation won’t be required. We hope many brokers and carriers operating solely in the company market will find it useful to adhere to this single data standard as, in theory, all the data should be required in all markets. You can easily filter for fields using the ‘market column’ for data items that are dual market and Lloyd’s only in Airtable.

The focus of the initial iteration of the CDR was Open Market North American Property insurance. The consultation closed in June 2021. The baseline Open Market North American Property insurance CDR, which includes all comments received and Release Notes that set out the changes made to the template during development, is available as a read-only file in Airtable below.

Open the read-only baseline CDR
Please note: This read-only baseline CDR for Open Market North American property insurance has been prepared for information only by Lloyd's based on the information available as at 30 June 2021.The consultation closed on 15 June 2021. While care has been taken in compiling this document, Lloyd's does not make any representations or warranties as to the accuracy or completeness of the information contained herein and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied.

The baseline CDR includes comments posted at the discretion and risk of the individual posting the comment. The views expressed here do not necessarily reflect the views of Lloyd’s. Lloyd’s did not undertake any pre-screening, monitoring or reviewing of comments posted. Lloyd’s reserves the right to remove comments at any time at its sole discretion. Lloyd’s does not accept any liability for any comments submitted. If you have any issues accessing the document, please try a different browser in the first instance. If the issue persists, please email us at CDR@lloyds.com.

Our Reporting Standards for Coverholders and Delegated Claims Authorities webpage includes a user guide, Premium and Claims Reporting templates, and more, required by coverholders and TPAs/DCAs to report into the Lloyd’s market for all classes of business in all territories. Further information on Lloyd’s Coverholder Reporting Standards (Version 5.2.) can also be found in Market Bulletin Y5261, 20 August 2019.

The CDR specifies the data required to drive digital processing for direct and facultative (re)insurance, we will be looking at how these will be applied to delegated business in 2022 and expect the requirements to be largely aligned and a subset of the CRS data that is captured.