Using the CDR

CDR structure

The Core Data Record (CDR) is comprised of 37 mandatory fields which must always be provided, and 180 conditional mandatory fields of which a subset will need to be provided (subject to the conditions specified).

In most cases, CDR data (where applicable) will need to be provided at a section level, e.g. premium for every section. However, in some cases, data will need to be provided at a more detailed level, e.g. shares for each insurer.

A series of fields which are included in the CDR will be derived from the information provided. There are 15 of these fields.

How the CDR will be used?

All data will be processed and stored within the joint venture infrastructure, with the joint venture acting as the legal entity accountable as the data processor. Where they are participants, brokers and (re)insurers will have access to the CDR information for their risks and sections. Lloyd’s will receive only required regulatory and supervisory information in line with data currently sent from the Bureau today.

The CDR lays out how each data item will be used and which processes, validations, and checks each item will power. This is to provide the utmost transparency on how all data will be used. We will make it crystal clear on where each data element is being utilised.

What do market firms need to do with the updated CDR?

The CDR will be the irrefutable source of information that drives digital processing. The broker will typically be responsible for capturing this data from the client and ensuring it is entered accurately into the MRC v3 and a placement platform. While work continues on the development of the Digital Gateway API for the technical specification that will unlock the full potential of the benefits of better, faster and cheaper processing, there are actions that market participants can take now.

Brokers, insurers and service providers

  • Brokers - Identify whether you hold the data to populate the fields. If you do not currently hold the data, how will you capture it to complete the CDR?
  • Insurers - Consider how you can leverage the fields in the CDR for reconciliations.
  • Service providers - Do your product and services currently enable the collection of the data fields in the CDR? If not, how will you support your clients to collect this data?
  • Email us with your questions
cdr@lloyds.com

For more information on the CDR Process, Roles & Responsibilities please see here.

Support with using the CDR

The interactive CDR Glossary dashboard, available through the Insights Hub, has now been updated to align with the CDR v3.2.

The dashboard and accompanying data feed (available via an API) is an interactive tool to help market participants understand the CDR, as well as what data they need to collect to drive automated downstream processes. You can access it here:

An ever-growing resource, the Insights Hub provides powerful data visualisations and benchmarks to help market participants grow their portfolios and collaborate with others. Please note that your company will need to be registered for you to have access to the rest of the Insights Hub. Contact us to register your interest, ask a question or book a demo.

insightshub@lloyds.com