The latest from LMG for you;
The London Market Group’s (LMG) Data Council has launched a consultation on the structure and fields of the Core Data Record (CDR) to cover claims. The consultation will run for 12 weeks from November 26th. Market members can access the consultation via the LIMOSS website and briefing sessions will be organised via the IUA, LIIBA and LMA.
The consultation can be accessed at: https://limoss.london/cdr-claims-consultation.
Joe Brace, Member of the Data Council and Operations Director of the Lloyd’s Market Association, commented: “The extension of the CDR into claims is an important milestone that brings placement and claims data a step closer together, allowing insurers and brokers to understand more clearly the links between risks underwritten and claims made. My thanks go to the CDR Claims Working group, the Lloyd’s & LIMOSS representatives, Steve Flood from Beazley, and Kirstin Duffield representing the LMA for their work in bringing this together.
“I encourage all claims leads in the market to get involved and give feedback to help finalise this extension to the CDR. Those interested in participating in the consultation or understanding more on how to apply CDR standards within their organisation should contact their relevant association for more information. Any questions should be addressed to the relevant market association, either directly or via Servicedesk@limoss.london.”
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 claims consultation builds on the open market CDR released in 2023 and the treaty CDR set to be released in January 2026. Further CDR enhancements are planned for delegated authority in 2026.
NOTE: The Placing CDR’s content aligns to ACORD’s Global Reinsurance and Large Commercial (GRLC) standard and the planned claims CDR will also ultimately align to this standard too. 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 2026 onwards.
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