Term

Definition

Accreditation standards

Platforms used for CDR submission will be required to comply with new accreditation standards. It is the responsibility of the platform provider to acquire and maintain accreditation. Accreditation requirements will include evidencing methods for keeping the CDR and MRC v3.0 in sync.

Approver

The participant responsible for reviewing and accepting the CDR data supplied by the creator.

ACORD

ACORD (Association for Cooperative Operations Research and Development) is the global standards setting body for the insurance and related financial services industries.

‘A’ Fields

The core data fields in the CDR.

‘B’ Fields / Enriched data

CDR

The Core Data Record (CDR) provides the critical transaction data which is required to drive automated downstream processes:
risk premium validation and settlement; first notification of loss; tax validation and reporting and regulatory validation and reporting.

CDR API

The API collects the relevant CDR data elements exchanged and approved during the risk placement process and submits this data to the Digital Gateway for validation. It is also the method used to achieve soft validation calls during the placement process, if required.

Creator

The participant responsible for supplying CDR data into the placing process.

Digital Gateway

The Digital Gateway will receive CDR submissions related to risks underwritten by Lloyd’s and Company Market carriers who will use central Digital Processing Services for premium and claim processing. The Digital Gateway ingests, validates, enriches and stores the CDR data. It also generates responses to the CDR submission back to the source platform and provides a method for servicing requests for retrieval of CDR data by authorised carriers and brokers.

Hard call

CDR data is submitted to the Digital Gateway via CDR API for validation and enrichment one or more times between lead carrier written line and broker signing down.

Irrefutable CDR

Once the CDR submission has successfully completed all Digital Gateway processing and is considered complete and valid it will be considered ‘irrefutable’. Prior to submission to the Digital Gateway, the data content of the CDR will be approved by the broker and carrier(s) subscribing to the risk, and any data errors identified by gateway validation will be resolved following the same principles. This ensures once the CD R completes gateway processing the data content is accepted by both brokers and carriers and will not be contested or questioned when it is used to validate risk premium technical account submissions &/or first notification of loss.

Lloyd’s mandatory line by line submission

Lloyd’s Corporation requires that, for Lloyd’s business, a (partial, near complete) CDR submission is made to the Gateway at the time each Syndicate writes their line. The process expects the action of a Syndicate writing a line to automatically trigger a CDR submission.

MRC

Market Reform Contract (MRC) is a standardised contract used by the London Market, that has been enhanced (Version 3.0) so that key data exchanged during the placement process and required in the CDR can be readily extracted and assembled for inclusion in a CDR sub mission to the Digital Gateway (and potentially other use cases). MRC use for transacting business with Lloyd’s Syndicates is mandated by byelaw.

MRCe

MRCe is the standardised format for endorsing any changes to a contract, formed under a MRC.

Placement complete

Signing down

The broker completes the task of, where necessary, adjusting and notifying ‘signed line(s)’ to all carriers subscribing to the risk. Adjustment is required on occasions when a risk is oversubscribed, i.e. underwriters’ written lines exceed the total contract order then, absent some contrary instruction, those lines will be proportionally reduced ('signed down') by the broker until they total the contract order. An underwriter may insist on preserving their written line in which event the written lines of the other underwriters will be proportionally reduced until they total the contract order when added to the preserved written line of the other underwriter(s).

Signed line

The amount or proportion of a risk that an underwriter has been allocated by the broker’s signing down process. It may be the same as the underwriter’s written line or, if there is over subscription then participants may be signed down to a lower amount/proportion of the risk.

Structured data

Structured data is the data which conforms to a data model, has a well defined structure, follows a consistent order and can be easily accessed and used by a person or a computer program.

Submission Platform

The source of a CDR submission to the Digital Gateway. This can be done via CDR API submission by a Third Party Placing platform (TPPP), or through direct CDR API submission by the broker or managing agent systems. The data submitted must be agreed between broker and carrier(s) prior to submission.

Technical Account

Risk Premium Accounting data.

Transition Services

Where end to end, ACORD based, automated downstream Digital Processing Services is not possible, central services will offer means by which any short comings can be remedied. These interventions are referred to a transition services and can assist where for example a complete and valid CDR is not available at the time of Technical Account processing &/or where the broker or carrier(s) have elected not to implement a ‘full digital’ operating model.