2025-11-28 · Source: Insurance Business UK
Summary in 3 Points • London Market Group consultation on Core Data Record • 12-week consultation started November 26 • Focus on claims data standardization --- The **London Market Group** has initiated a 12-week consultation process, starting November 26, to gather feedback on a proposed new **Core Data Record** (CDR) for claims. This initiative aims to standardize the data collected during the claims process, enhancing efficiency and accuracy across the market. The consultation will involve a wide range of stakeholders, including underwriters, brokers, and risk managers, to ensure the CDR meets the diverse needs of the industry. The goal is to streamline claims handling and improve data quality, ultimately benefiting the entire **London Market**. For the **London Insurance Market**, this consultation represents a significant step towards improving operational efficiency and reducing administrative burdens. By standardizing claims data, the market can leverage **technology** more effectively, potentially integrating advanced systems like **artificial intelligence** to automate and enhance claims processing. This move could lead to more accurate risk assessments and better-informed underwriting decisions, providing a competitive edge in a rapidly evolving industry. The consultation's outcome may also influence future regulatory requirements, making it crucial for market participants to engage actively in the process.
The London Market Group has initiated a 12-week consultation process, starting November 26, to gather feedback on a proposed new Core Data Record (CDR) for claims. This initiative aims to standardize the data collected during the claims process, enhancing efficiency and accuracy across the market. The consultation will involve a wide range of stakeholders, including underwriters, brokers, and risk managers, to ensure the CDR meets the diverse needs of the industry.