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Review and comment on the CDR

Overview

With your valuable support reviewing the first iteration of the CDR in Q1 2021 we are already one step closer to understanding the fundamental structure and definition of the CDR. This second iteration includes data requirements for insurance and facultative reinsurance placed through the open market for all classes and territories. With this expanded scope of data, we welcome further feedback which will allow us to draw vital conclusions and enable us to publish the standards for the market in early 2022. This will be a key next step in the Blueprint Two journey, and enable us to create a baseline for the market to work from.

General feedback on the CDR

We need your help and strongly encourage you to review the most relevant data fields from your perspective and give us your feedback through a short survey which will take around 10 minutes to complete. We also welcome field-by-field comments should you wish to provide them.

Structured feedback on data fields

The latest release of the CDR is available for review on Airtable (see below).  

There are a number of different views available to help you to navigate the CDR. These are shown on the left-hand side of the page and instructions are also available in Airtable.

From these views you can review all of the fields and the detail that sits behind them to understand the information required, and why. Against each field there is space for your comments. We welcome any feedback that you may have on the data fields.

Core Data Record - Airtable v2.0

The following link will take you to Airtable where you will be able to view and comment on the draft CDR.

These standards have been prepared as draft only by Lloyd's based on the information available as at 30 November 2021. While care has been taken in compiling the draft, 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.

Lloyd's accepts no responsibility or liability for any loss or damage of any nature occasioned to any person as a result of acting or refraining from acting as a result of, or in reliance on, any statement, fact, figure or expression of opinion or belief contained in this document.

Other market engagement

As part of our consultation we will be discussing the second iteration of the CDR with a number of organisations and market-wide forums through December and January.  This will include working closely with broker and managing agent organisations, and also with system providers and placing platforms, all of whom are key to the successful implementation of the data standards.

What's next?

The consultation period for the second iteration of the CDR runs from 30 November 2021 to 31 January 2022. We will collate and consider all comments received in the survey, Airtable, and through our market engagement, to take a final version to the newly formed Data Council. We will collate and consider all comments received and take a final version of the CDR to the soon to be formed Data Council. Governing the data standards for the market, the Data Council (a cross-market body, with representatives of all market stakeholders and sitting in the London Market Group) is set to be chaired by Sheila Cameron, Chief Executive of the Lloyd’s Market Association.

In H1 2022, these standards will be integrated into a revised version of the Market Reform Contract (MRC) known as the iMRC which will form the new market standard. This too will be subject to approval by the Data Council.

Consultation timeline

30

June 2021

North American Property

Iteration 1

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30

Nov 2021

All classes of business & territories

Iteration 2

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31

Jan 2022

End of consultation

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Data Council approval

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Publication for adoption

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