Following a consultation involving 68 organisations across the Lloyd’s and London markets, the London Market Group’s Data Council has updated the Core Data Record (CDR) to version 3.3, introducing new data fields designed to support treaty reinsurance business.
The scope of the new v3.3 placing CDR has been expanded from the current v3.2 standard, which covers open market and facultative reinsurance, to include both proportional treaty business (quota share and surplus) and non-proportional treaty business (excess of loss and stop loss).
Joe Brace, Member of the Data Council and Operations Director of the Lloyd’s Market Association (LMA), commented on the news, “The delivery of the Treaty extensions to the placing CDR is another big step forward in the market’s progress towards full implementation of the CDR across all placement types.
“My thanks go to all parties who participated in our consultation, and the Treaty CDR working group, for their input and hard work in delivering this for the market.
“It is imperative that we, as a market, buy into the importance of quality data, collected as early as possible in the process. Core principles like the CDR, MRC and alignment with ACORD standards are foundational to the future of insurance as a digitally traded business.”
Kirstin Duffield, Chair of the CDR working groups on behalf of the LMA, and CEO of Morning Data, part of Verisk, said, “We are in the process of incorporating feedback on the Claims CDR, following a market consultation that closed at the beginning of the year.
“Work is also in flight to extend the placing CDR to cover the Agreement of Delegation for Binders, Lineslips, and Digital Platform contracts. The results of this will be published later this year, and will align closely with the work on the CBAA [Computable Binding Authority Agreement].”
Troy Hughes, Chair of the Ruschlikon Placing Steering Committee and Global Director of eCommerce at Aon, added, “Expanding the CDR to include treaty reinsurance in alignment with the ACORD standard is a significant milestone.
“As digital trading of placing information accelerates across the industry, this enhancement to the CDR will help all parties involved advance this strategic initiative more effectively.”
