March 29th 2023
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).
Sheila Cameron, Chair of the Data Council and CEO of the Lloyd’s Market Association, commented:
“The market has worked collaboratively to achieve another important milestone in its digital journey. The publication of these assets gives the market visibility over the library of data fields from which they can build the MRC v3, and the template they should use.
“While the entire CDR is around 230 fields, the number required will depend on the complexity of the risk. The most simple Lloyd’s risks only need 61, while an average Lloyd’s or mixed market risk will need 125 fields. It is worth bearing in mind that buying a single item on Amazon to be delivered to your home takes about 30 fields. The CDR will, by the nature of its contents, continue to evolve (for example, to accommodate changes in tax and regulatory requirements) so we will put in place annual processes to govern that.
“Our ambition is to get widespread market adoption of the MRC v3 standard. This will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention. It will be fundamental to the success of our transformation for open market placement.”
“The next key date is the 30th September 2023, by which date all brokers should have started to produce MRC v3 compliant contractual documents from their systems. MRC v3 adoption rates will be closely monitored at the Data Council and we will work together with our broker partners to set appropriate adoption targets later this year.”
PRACTICAL NOTE: access to the CDR v3.2 and MRC v2
- The MRC v3 and CDR v3.2 have been published on the London Market Group (LMG) and 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.
Notes to editors
It should be noted that the MRC is just one method of submitting the CDR to the Digital Gateway, and the Data Council will continue to work with its technology partners on developing data-first driven processes for providing this information. These will be published in due course.
- Victoria Sisson Luther Pendragon +44 (0)7941 294872