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    By Emma Weiss, on 6 Sep 2021

    What does the CDR mean for you?

    At the heart of Lloyd’s Blueprint Two update, the Core Data Record (CDR) is set to be supported by the London Market Group’s Intelligent Market Reform Contract (iMRC). The best way to think about it is as a digital MRC that Lloyd’s will hold and make available to stakeholders, a bit like a digital Insurers’ Market Repository (IMR).

    Eradicating the need to re-key data captured in a Word document across multiple systems, the set of fields in the CDR will become essential to the placing, binding and post-bind processing of a contract in the new Blueprint Two world. For your brokers, this means the data can be captured once, entirely electronically. With clearly defined data standards overseen by ACORD to ensure consistency and clarity from end-to-end.

    By streamlining the data collection process – it is hoped that this step forward will enable the free flow of data between stakeholder’s systems including (re)insurers and your own. Expediting onward processing and validation. A development that should dramatically reduce errors, inconsistencies and delays while improving the overall experience for your customers.

    Here at gpm, we specialise in empowering you to broke your deals, your way. But we also understand the value in having a single way of processing these deals – no matter where the business is placed. inFOCUS | CONTRACT is being developed with Blueprint Two in mind to help you deliver just that.

    As your risk lifecycle’s starting point, whether you’re at initial quote or firm order stage, CONTRACT allows you to capture quickly and easily the core data you need to place the risk.

    To discover more, or request a demo, get in touch today.

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