The London Market Group’s (LMG) Data Council has initiated an eight-week consultation on the proposed expansion of the Core Data Record (CDR) to cover treaty. The consultation began on October 22 and is accessible to market members via the LMG website.
Additionally, briefing sessions will be organised in collaboration with key market associations: the International Underwriting Association (IUA), the London & International Insurance Brokers Association (LIIBA), and the Lloyd’s Market Association (LMA).
The CDR is a pivotal element in the ongoing digital transformation of the insurance market, a news release noted. It establishes a set of standardised, high-quality transactional data that facilitates the exchange of information among market participants. This new consultation is a continuation of the CDR development that started with the open market CDR launched in 2023. Further enhancements to the CDR are anticipated in 2025, focusing on claims and delegated authority.
The CDR’s structure will adhere to the Association for Cooperative Operations Research and Development’s (ACORD) Global Reinsurance and Large Commercial (GRLC) standard. By aligning with ACORD, the CDR aims to promote enhanced interoperability between systems within the London market and with other global insurance markets. Market firms are urged to integrate the ACORD GRLC standard into their data frameworks and prepare for upcoming developments in 2025.
Sheila Cameron, chair of the Data Council and CEO of the LMA, emphasised the importance of the initiative. “The development of a specialist Treaty CDR is an important project, and my thanks go to the CDR Treaty Working Group, Cassandra Vukorep, chair of the Data Council’s CDR Committee, and Kirstin Duffield representing the LMA for their work in bringing this together,” she stated. Cameron encouraged treaty market participants to provide feedback to finalise the CDR.
Interested parties should reach out to their respective associations for further details on how to engage in the consultation process.
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