Core data record OR CDR 

My pleasure

Claims Agreement Parties are those who are identified by the lead Insurers or leader having the authority to agree on claims under the Policy terms and according to Lloyd’s Claims Scheme (Combined). For Lloyds and the company market, especially for the complex claim, claim payment can be made once the various agreement parties have agreed to the claim. Despite the fact that there are specific guidelines in GUA and the Claim scheme for claim agreement parties, identification of claim parties is still very manual is nature, first by broker and second but XIS technicians. This causes a delay in claim payment and the overall client experience. CDR will address this issue. These are not the claim parties like reinsurers, surveyors, claims adjustors, or intermediaries.

A group of underwriters who join together to insure very high-valued property or high-hazard liability exposures

@@LetsTalkBusiness Thank you so much for the clarity.

The true meaning of the term "computable contract" is still emerging; at least to me. but it is fascinating The concept of a computable contract is based on ideas of a more refined MRC which was earlier called iMRC and not MRC Ver 3. The computable contract aims to establish a strong connection between MRC Version 3 and CDR/ Core Data Record which means that "do something" to make the contract data a standard data structures on which you can execute algorithms so that it can be easily consumed by computers and understood by humans. I am also a student of this subject so I can express my understanding so far based on the various discussion, articles and papers. We have to wait for some time to see how it will emerge and will take shape.

@@LetsTalkBusiness I completely agree- Lloyd's is evolving and hence our understanding in their concepts. Thanks for the clarity.

Technical and Financial accounting is closely related to ACORD EBOT or Electronic Back Office Transactions. It can be broadly divided into separate stages. Stage 1 is the Technical Accounts which are released by the brokers and sent to the careers of the risk. The financial transaction in these messages or TA messages is just transactional financial data which can be queried and corrected multiple times during the reconciliation process since the real money is not yet exchanged hands. Stage 2 which you can say is a more formal accounting transaction which is released and is used to match the technical accounting which was previously agreed upon. once TA and FA match, the money will exchange hands. Currently, accounting reconciliation is very manual-intensive work which largely revolves around LPANs. Having the CDR upfront will solve this problem.

I appreciate your efforts in bringing clarity to my queries.

@@LetsTalkBusiness It's important to appreciate your efforts.Thank you so much !! This presentation has successfully presented complex evolving data, developments in a very relatable and easy to understand way.