The Data Council is led by Sheila Cameron, CEO of the Lloyd’s Market Association, and supported by a broad spectrum of market experts. It was created to drive digitisation of the London Market through a commitment to using standardised and high quality data between all market participants and their clients. It aims to drive the adoption of:

• Data standards in conjunction with ACORD
• Open market risk Core Data Records
• Computable contracts
• The data assembly process, including roles and responsibilities
• API standards

The Data Council is pleased to announce the publication of two key assets in the digital journey for the London Market: the Core Data Record (CDR v3.2) for open market business and the latest version of the Market Reform Contract (MRC v3).

The CDR v3.2 has been updated to align with ACORD standards and the MRC v3. Many of the changes that have been made are structural rather than additional requirements, and are critical for implementation of a digital market.

The MRC v3 will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention.

The CDR v3.2 has been published on the Future at Lloyd’s websites.

Interactive versions with enhanced functionality of both the MRC v3 and CDR v3.2 will be published in the LIMOSS Market Business Glossary (MBG) in due course. The LIMOSS MBG is a centralised source of business definitions, standards and reference data for use by the London Market. To access the CDR via the LIMOSS MBG, you will need to have an ACORD license. You can find out more information on how to access the LIMOSS MBG here.

Please note that the CDR will, by the nature of its contents, continue to evolve (for example, to accommodate changes in tax and regulatory requirements). Annual processes will be put in place to govern these changes.