Following consultation with Lloyd’s and 68 organizations across the London Market, London Market Group’s Data Committee has updated the Core Data Record (CDR) to version 3.3, introducing new data fields designed to support treaty reinsurance operations.
The scope of the new v3.3 placement CDRs has been expanded from the current v3.2 standard covering open market and temporary reinsurance to include proportional treaty business (quota shares and surplus) and non-proportional treaty business (excess losses and stop losses).
Commenting on the news, Joe Brace, member of the data committee and operations director of Lloyd’s Market Association (LMA), said: “The delivery of the Placing CDR Treaty Extension is another huge step forward in the market’s journey towards full implementation of CDR across all placement types.
“I would like to thank all parties involved in our consultations, as well as the Treaty CDR Working Group, for their input and hard work in delivering this outcome to the market.
“As a market, we must recognize the importance of quality data collected early in the process. Core principles such as CDR, MRC and alignment with ACORD standards are fundamental to the future of insurance as a digitally traded business.”
Kirstin Duffield, chair of the CDR working group representing the LMA and chief executive of Verisk-owned Morning Data, said: “Following a market consultation that concluded at the start of the year, we are incorporating feedback on claims CDR.
“Work is also underway to expand the Placement CDR to cover licensing agreements for Binders, Lineslips and Digital Platform Contracts. The results of which will be published later this year and will be closely aligned with the work of the CBAA [Computable Binding Authority Agreement]”.
Troy Hughes, chairman of the Ruschlikon Placement Steering Committee and global director of e-commerce at Aon, added: “Expanding the CDR to include ACORD-compliant treaty reinsurance is an important milestone.
“As digital trading of placement information accelerates across the industry, the enhancements to CDR will help all parties involved advance this strategic initiative more effectively.”
