What is the CDR?
The CDR holds the critical transactional data required to be captured at written line across four downstream processes: premium validation and settlement, claims matching at first notification of loss, tax validation and reporting, and regulatory validation and core reporting.
Data is either captured in the MRC v3 during risk placement and easily extracted to complete the CDR, or - for those using a data-first approach - the CDR can be used to help create the MRC v3.
The CDR aligns with ACORD technical standards, which are the agreed method for submitting and exchanging data within the London market, and will be used to drive digital processing, consistent with the MRC v3.
Benefits
An agreed market standard
Improves data quality and integrity through a global market-wide standard.
Transparent and clear
Provides visibility of the data required, and how it is used in the end-to-end process.
Minimise re-keying
Deriving information and sharing it back with the owners, significantly reducing manual effort and improving consistency and accuracy.
Speed up and simplify
Supports the market in speeding up and simplifying the end-to-end process from placement to claims settlement.
Progress update
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An updated version the Core Data Record v3.2 was published on 29 March 2023 following market consultation and is available on the LIMOSS Market Business Glossary (MBG)
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A refreshed version of the Market Reform Contract (MRC v3), which aligns with the CDR v3.2, was also published on 29 March and is available on the LIMOSS Market Business Glossary (MBG).
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The Data Council’s Process, Roles, and Responsibilities (PRR) final recommendations for the creation, approval and submission of data into the CDR and the processing of that data have been published following market consultation
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In September, ACORD published their Contract Risk and Pre-Accounting (CRP) Implementation Toolkit; a new data messaging standard which will enable the provision of the CDR
Further information
Discover more information on the CDR, how it will be used, and what firms need to do.
An interactive version of the CDR v3.2 is now available on the LIMOSS MBG. To access the CDR, you will be asked to first register on the MBG.
