The London Market Group’s (LMG) Data Council, the governing body representing London market brokers, underwriters, and Lloyd’s that sets data standards for market modernisation, has updated the Core Data Record (CDR) to introduce First Notification of Loss (FNOL) claims data, establishing the market’s first direct digital link between claims and placing contract information.
The CDR, a standardised digital dictionary of critical transaction data fields that all market players agree to capture and exchange, has also been extended to delegated authority business.
The update defines common data points for the agreement of delegation, including binders, lineslips and digital platforms.
Together, these updates help firms to share data based on agreed standards across the insurance lifecycle, a significant milestone for digital delivery in the London market, LMG Data Council highlighted.
Work is already underway to incorporate the expanded CDR into the next version of the Market Reform Contract.
Joe Brace, Chair of the Data Council and Operations Director at the Lloyd’s Market Association, said: “For the first time, we have provided a market-wide set of data standards for all contract types (open market and delegated, facultative and treaty etc), all classes of business, and including guidance for pre-bind data, not just post-bind and accounting. It is an exciting moment to see these market standards now in place across pre-bind placement, claims and delegated authority data.”
He added: “I encourage all firms in the market to begin to work data standards into their businesses and supplier partners. From these shared data standards many benefits will flow to clients and across our ecosystem.”
