Core Data Record (CDR) v3.2 and Market Reform Contract (MRC v3) published
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) and the associated Data Dictionary.
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. Adoption of the MRC v3 is a significant step in the journey towards embedding data standards and strengthening data quality across the market. It is the expectation of the Data Council that all brokers will start producing MRC v3 compliant contracts on or before 30 September 2023. This acknowledges the fact that most brokers produce pre-renewal packs approximately 3 months prior to inception. Therefore, it is the Data Council’s intent that at least 80% of in scope lines of business* incepting from 1 January 2024 will be conformant to the MRC v3 guidance.
*For a reminder of which lines of business are in or out of scope of the MRC v3, please refer to the MRC v3 Guidance document. Please note, this scope has not changed as a result of the new version of the MRC.
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 are now available on LIMOSS Market Business Glossary (MBG). The LIMOSS MBG is a centralised source of business definitions, standards and reference data for use by the London Market. 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.
Process, Roles and Responsibilities (PRR)
Final Recommendations now published
The Process, Roles and Responsibilities work of the Data Council is all about establishing who will do what (and at what stage) during the target-state digital placement process. The aim is to provide greater clarity to those involved in the process, as well as guidance to solution providers on what to build and cater for.
We’re delighted to share that having considered feedback provided in the Process, Roles and Responsibilities (PRR) Market Consultation earlier this year, the London Market Group’s Data Council has now published its PRR Final Recommendations.
This key deliverable sets out the final recommendations for a fully digital open market placement process, and the allocation of roles and responsibilities for the creation, approval and submission of data into the Core Data Record (CDR) and the processing of that data.
The ACORD GRLC Contract, Risk and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data, provides guidance to help align with the PRR recommendations. It contains all the data points, validation rules, messaging structures, and submission events required to meet the Core Data Record (CDR) v3.2 data requirements, and helps define how to build and implement systems in order to interact with participants across the London market.
Please note, you/your organisation will need to be an ACORD member to view the toolkit resources.