Core Data Record
See the NOVUS Walkthrough Guide for further information.
Table of Contents
The Core Data Record
The Core Data Record (CDR) is a new methodology chosen by the London Market Group’s Data Council and supporting Technical Group of experts which aims to streamline accounting and settlement for brokers. The CDR will align with the ACORD (Association for Cooperative Operations Research and Development) Standard. It is intended that the CDR will speed up and simplify the end-to-end process from placement and claims to settlement whilst reducing the administrative burden on the market.
Read-only NOVUS CDR information can be found at this link. As the methodology is an evolving requirement, flexibility and continuous review of this link will be required by all brokers.
The CDR has been defined in the context of the wider London insurance marketplace across both the Lloyd’s and Company markets and is governed by the Data Council of the London Market Group.
Purpose of the Core Data Record
The CDR is a set of high-quality transactional data at the point of bind which drives onward processes for Company and London Markets such as premium validation and settlement; claims matching at first notification of loss; tax validation and reporting; and regulatory validation and core reporting. The Digital process extracts XML (eXtensible Markup Language) data using automation and sends the collated data record to the Central Services for onward processing. Lloyd’s recognises that not all data will be available at bind, and expects that 80% of all contracts to be fully automated to simplify accounting, payment, and reporting, and to check endorsements and claims.
How the CDR works
The CDR contains the business requirements for the data required to be captured at the point of bind and will further enrich that data automatically based on the information provided with 20 further fields from the information provided. Not all information needs to be provided for all risks, or at the point of bind – this will depend on the type of risk.
The XML file is processed by the CDR gateway (The Digital Gateway Application Programming Interface (API)) which performs a series of checks to ensure that the data is validated, accurate and meaningful. The CDR is then augmented using Lloyd’s references, external rules, and algorithms before processing the data and sending it to Central Services for further downstream processing. Not all the data may not be visible in the contract itself.
More complex risks such as multi-territory, or specific coverages will require other specific information, as detailed in the read-only AirTable. An example of this would be data required in certain jurisdictions for data at an asset level (e.g. car or vessel). This information must be provided before a settlement can be reached which can be after bind.
The data in the CDR will have already been captured by the broker, and the volume of data required for most contracts should be achievable.
Frequently Asked Questions
Please see the Core Data Record FAQ page for information
April 2022 - Page created
June 2022 - updated