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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. For full details please see Core Data Record (

The third and final iteration of the CDR approved by the Data Council on 22 March 2022 is the full baselined version of the CDR to support open market insurance and facultative reinsurance placements relevant for the Lloyd’s and Company markets. It supersedes the previous baseline (June 2021) for open market North American property insurance. It has been updated following the consideration of comments received from the public consultation which ran from November 2021 to January 2022. You can access the approved CDR in Airtable.

The third and final version of the CDR approved by the Data Council on 22 March 2022 is now baselined for open market placements. The next steps are to extend the data standards to support claims and delegated authority placements. This will be followed by treaty reinsurance. Please see our CDR webpages.

On 28 January 2022, we published the Blueprint Two Interactive Guide second edition  which provides detail on the delivery of the Blueprint Two solutions, including a roadmap highlighting the key actions market firms should take. Please bookmark this page, or add it to your favourites for the latest information, and continue to email us  with your questions about the data journey.

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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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. 

Mapping of risk classification information to risk codes can now be found in the ‘Risk Code Mappings’ tab in the CDR Airtable. 

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.

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 as part of this work we will analyse the alignment between the CDR and CRS.

We are working with LIMOSS with a view to including the CDR in the Market Business Glossary. Further information will follow.

We have been working with all parties to develop, review and agree the CDR. As processes and systems to deliver digital solutions through the joint venture are designed, there is a risk of change to some fields and conditions within the CDR. If this is the case, it will be clearly communicated and governed by the Data Council.

Where global standards (e.g. ISO code sets) are used, the CDR specifies this. We are working with ACORD to enable provision of data using ACORD’s Global Reinsurance and Large Commercial Standards.

The Market Reform Contract (MRC) provides guidance to ensure contract certainty. The proposal of the iMRC is to enhance this guidance to ensure the CDR data is contained within the contract in a standardised, human and machine-readable form. The CDR standard will specify the structure of the data submission, reference data sets that must be used and the required data formatting to allow it to flow through the new digital process.

Both the CDR and iMRC will be governed by the Data Council.

The role of the Data Council is to agree the data that will be submitted digitally and reused consistently by all parts of the market, so that risks are priced more accurately, service levels are improved, and client costs are reduced. By working together across the market on the Data Council, we can understand the issues from all parties and therefore drive adoption to achieve this outcome.

(This is as set out in the LMG introduction to the Data Council in February 2022.)

The Digital Gateway will bring data validation into the placement journey, enabling CDR data to be checked and validated at any point using a soft call known as a ‘doc checker’. Basic syntax validation will be performed, ensuring alignment to the CDR standard for both company and Lloyd’s business. For Lloyd’s business, it will check taxes and regulatory alignment to offer the broker and insurer real time validation results.

Future changes to the CDR will need to be approved by the Data Council, which will ensure changes are necessary, proportionate, and achievable. Version control will be applied.

The roadmap for the Future at Lloyd’s is available in the second edition of the Blueprint Two Interactive Guide.

Processes and solutions are outlined in the second edition of the Blueprint Two Interactive Guide. The Process, Roles and Responsibilities technical working group (a working group of the Data Council) has been set up to consider this and further detail will be provided in due course.

Submissions can be executed through any accredited placement platform. Other submission methods will be available subject to accreditation.

Please refer to the second edition of the Blueprint Two Interactive Guide. Different processes apply for Lloyd’s and company market leads.

It is expected that the joint venture will make a data model available to market participants in future.

The CDR includes capturing data needed to set up initial records in the new International Premium Orchestration Service (IPOS) systems at the joint venture, and to enable the reconciliation of technical accounts and financial accounts, allowing funds to be settled automatically. It does not capture the full premium technical account: existing messaging standards (e.g. EBOT) can be used for this.

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.

The Data Council approved iteration of the CDR creates a complete data standard that will drive digital processing for all classes of business and territories for direct insurance and facultative reinsurance.

In its press release of 31 March 2022, the London Market Group (LMG) announced that ACORD will be the market’s chosen data standards methodology, and that the CDR will align to ACORD’s Global Reinsurance and Large Commercial (GRLC) standard. The technical implementation information will be owned, managed and maintained by ACORD. The Data Council will work with ACORD to get some news elements added to the GRLC to ensure complete alignment with the CDR. You can read the press release and technical Q&A on the LMG’s website: see Data Council agrees ACORD standards adoption and content for Core Data Record.