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LMG Data Council expands Core Data Record for FNOL claims data

The update adds First Notification of Loss claims data and extends the CDR to delegated authority business, including common data points for binders, lineslips, and digital platforms.

Reported · Written up by our desk · Industry & Deals

The London Market Group’s Data Council has updated its Core Data Record to include First Notification of Loss claims data, creating a direct digital link between claims and contract information across the London insurance market, according to Reinsurance News.

The CDR, a standardized digital dictionary of transaction data fields that market participants agree to capture and exchange, has also been expanded to cover delegated authority business.

LMG said the delegated authority update sets common data points for the agreement of delegation, including binders, lineslips, and digital platforms, helping firms share data based on agreed standards throughout the insurance lifecycle.

Work is also underway to incorporate the expanded CDR into the next version of the Market Reform Contract, the outlet added, citing Joe Brace, chair of the Data Council and operations director at the Lloyd’s Market Association.

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