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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.

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.

For information: Baseline CDR for Open Market North American Property insurance (read only)
The link will take you to a read-only baseline CDR for Open Market North American property insurance published on 30 June 2021.

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.

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 first baseline of the CDR published in June 2021 focused on Open Market North American Property insurance. The new draft of the CDR will include the data requirements for insurance and facultative reinsurance placed through the open market in all territories and classes.

We are sharing iterations of the CDR with market participants to gain insight and input, and this includes things that we may have missed. Guidance on how to provide feedback will be available available on our Reviewing the CDR page

The CDR, combined with other digital services delivered as part of the Future of Lloyd’s strategy, will eliminate the need for manual LPAN-based central submissions and supporting schedules. LPAN will remain for those participants who do not move onto the new digital services.

The CDR simulation was a series of tests to identify the fields that are required to power downstream processing. This was for the first scenario which is Open Market North American Property insurance.

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.

Lloyd’s long-term vision is to capture key details about risks as separate pieces of data within the CDR and to, ultimately, remove the need for risk codes.  

The colour wheel below shows the sort of information that needs to be captured to enable this new method of classification.
 

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.

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.

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.

Fields in the CDR can be either single (one per contract) or multiple (many fields per contract, for example there may be more than one premium instalment). Where fields are multiple, the CDR indicates what the multiplication factor is. For example: Insured Item will multiply by the number of insured items associated with the risk.