October 23rd 2024
LONDON 23rd October, 2024 – The London Market Group’s (LMG) Data Council has launched a consultation on the structure and fields of its proposed extension of the Core Data Record (CDR) to cover Treaty. The consultation will run for eight weeks from October 22nd. Market members can access the consultation via the LMG website and briefing sessions will be organised via the market associations: IUA, LIIBA and LMA.
The CDR is a key component of market digitalisation and provides a set of standardised, quality transactional data that empowers effective exchange of data. The consultation builds on the open market CDR released in 2023 and further CDR enhancements are planned for claims and delegated authority in 2025.
The CDR’s content aligns to ACORD’s Global Reinsurance and Large Commercial (GRLC) standard. By aligning with ACORD it is possible to drive greater interoperability of systems, as well as between London and other global insurance markets. Market firms are encouraged to act now to ensure that they have the ACORD GRLC standard embedded in their data structures and planning for 2025 onwards.
Sheila Cameron, Chair of the Data Council and CEO of the Lloyd’s Market Association, commented: “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. I encourage Treaty market participants to actively supply feedback to help finalise it. Those interested in participating in the consultation should contact their relevant association for more information.”
ENDS
For more information please contact:
Victoria Sisson, Omnia Partners
07941 294872
Victoria.sisson@weareomniapartners.com
NOTE: These changes have been proposed based on information available as at October 2024 and are drafts for review only. We are currently only seeking opinions on the proposed CDR fields for Treaty. A date for usage will be published following review of the consultation feedback.
