Core Data Record 3.3 Boosts Treaty Reinsurance

Core Data Record version 3.3 launched this week, adding support for treaty reinsurance to the standard. The new update, found in the LIMOSS Market Business Glossary, expands coverage from open market and facultative business to include proportional and non-proportional treaty types like excess of loss and stop loss.

The previous version, v3.2, focused on open market and facultative reinsurance. The latest update introduces proportional and non-proportional treaty business categories. According to the document, the new placing CDR also accommodates minor changes to the previously published v3.2 version. This suggests the industry is refining existing structures while adding new capabilities rather than starting from scratch.

Joe Brace, a Member of the Data Council and Operations Director at the Lloyd’s Market Association (LMA), described the release as a “big step forward.” Brace noted that the work involved the Treaty CDR working group and emphasized the need for market buy-in on quality data collection. “It is imperative that we as a market buy into the importance of quality data,” Brace said.

Kirstin Duffield, Chair of the CDR working groups and CEO of Verisk’s Morning Data, said the organization is incorporating feedback on the Claims CDR. Duffield also mentioned work is in progress to extend the placing CDR to cover the Agreement of Delegation for Binders, Lineslips, and Digital Platform contracts. These efforts align with broader initiatives like the CBAA.

Troy Hughes, Chair of the Ruschlikon Placing Steering Committee and Global Director of eCommerce at Aon, called the expansion a significant milestone. He noted that as digital trading accelerates, the updated standard helps parties advance their strategic goals more effectively.

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Alignment with industry goals

The expansion of the placing CDR reflects a broader push for digital standardization within the insurance industry. By covering treaty reinsurance, the record aims to create a unified language for different types of business. This reduces the friction often associated with manual data entry and verification processes. For underwriters and brokers, this shift means fewer discrepancies and a faster workflow from quote to bind.

The integration of these new categories into the LIMOSS Market Business Glossary provides a central reference point for the industry. It serves as the repository for the updated standard, ensuring that all market participants have access to the same definitions and structures. This consistency is necessary for the long-term success of digital trading platforms that rely on accurate data feeds.

While the focus remains on the placing CDR, the industry is also looking ahead. Work continues on the Claims CDR and the extension of placing records to cover delegation agreements and digital platforms. These follow-up projects indicate that the current update is part of a larger roadmap for transforming how insurance data is handled and traded.

Digital platforms are reshaping the traditional approach to global commerce, creating new pathways for interaction. The evolution of these systems parallels the industry’s move toward more robust data standards.

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