The insurance industry, with its vast, complex network of policyholders, insurers, and intermediaries, heavily depends on precise and efficient communication of data. The sheer volume of data that needs to be processed necessitates that this data be presented in a standardised and easy-to-understand format. Two terms that play a crucial role in this standardisation, but are often confused, are the Core Data Record (CDR) and the Market Reform Contract (MRC). These concepts, while distinct, both contribute significantly to insurance processing and contract documentation.

Understanding Core Data Records:

CDR refers to a structured, consistent set of essential information about an insurance policy. The data contained in a CDR typically includes crucial information such as the policyholder’s name and contact details, the policy number, the type of coverage offered, the period of coverage, and other pertinent details.

The standardisation of this information in a CDR format ensures effective communication of data to automate processing within the Joint Venture (DXC / London Market Bureau). It forms the backbone of any insurance operation, offering clear, concise information that can be universally understood and actioned by all stakeholders.

Decoding Market Reform Contracts:

While the CDR is an all-encompassing concept, the MRC or Market Reform Contract, is a more specific element tied to the London Insurance Market. The MRC is a particular type of insurance contract documentation that aims to provide clarity and certainty in the contract formation process.

Introduced as part of the broader London Market Reform initiative, an MRC clearly outlines the terms and conditions of an insurance contract. This document also includes a contract data section that gives a comprehensive summary of the insurance coverage offered under the policy.

The London Market Reform aimed to modernise and streamline the procedures in the London insurance market. The implementation of MRCs marked a significant milestone in this initiative by ensuring clear, transparent, and efficient documentation of insurance contracts.

The Difference Between CDR and MRC:

The primary distinction between a CDR and an MRC lies in their scope and application. CDR refers to a set of essential data for premium processing and Lloyd’s regulatory reporting, presented in a standardised format. On the other hand, an MRC is the contract documentation used in the London Insurance Market, providing an overview of the policy’s terms, conditions, and coverage.

While both serve the essential function of streamlining communication and processing in the insurance sector, the MRC goes a step further by offering a comprehensive look at the contractual aspects of an insurance policy.


As we delve into the intricacies of the insurance industry, understanding key concepts like the Core Data Record and the Market Reform Contract can be invaluable. Both these concepts underscore the industry’s commitment to clarity, transparency, and efficiency, promising a smoother insurance experience for all stakeholders involved.

Novidea is committed to supporting the continued transparency and standardisation of the insurance industry. Helping insurers, brokers and policyholders stay better connected benefits everyone. The Novidea platform is built to better connect every stakeholder in the insurance value chain and make it easier for them to share information. Novidea knows the value this brings to the market and is ready to help brokers and insurers embrace these changes to help them deliver greater value to their customers.

You can watch the ‘CDR – How Brokers Can Prepare and What it Means for the Lloyd’s Insurance MarketWebinar here with Paul Evans, London Market SME, Novidea and Mike Winterle, Senior Product Marketing Manager, Novidea to learn more about how the CDR standardisation will enable the Lloyd’s market to significantly improve operations, reduce the cost and effort of doing business, and deliver a better service to customers.

Or reach out now to see how we can help you.