ACORD, the global standards body for the insurance industry, has launched an Adoption Toolkit to support the application of data standards for global reinsurance and large commercial risks in the London market.
“The benefits of implementing data standards are being realized by stakeholders across the global insurance ecosystem in terms of cost savings, greater efficiencies and easier access to new markets,” said Chris Newman, managing director of ACORD in London.
“The toolkit was developed in response to market feedback and was designed to make it easier for all stakeholders to implement the ACORD Standards and gain access to ongoing support,” Newman said. “The toolkit also includes a trial ACORD subscription option that allows system builders to test and implement the benefits of implementing standards.”
The toolkit provides detailed step-by-step guidance on how to implement standards at all stages and in a wide range of self-help resources and access to dedicated ACORD support contacts.
The organization has stated that its testing and certification guidelines have been updated and that all resources are organized according to member type and the organization will be updated regularly and that ACORD will conduct clinics to support the implementation of standards.
“The London market is making significant investments to make it easier for us to do business at every step of the insurance value chain,” says high-level operations XL Catlin and head of industry group Ruschlikon, Simon Squires.
“The adoption of the ACORD standards will be an important component of the market’s success, so the additional support and guidance provided by the Adoption Vehicle Team will have a vital proposition for businesses to maximize the benefits of the new digital landscape,” Squires said.
Richard Brame, senior vice president at Willis Towers Watson and member of the Steering Committee of the Ruschlikon Steering Group and the London Market Center Services Renewal Program (CSRP), said: “Adopting the ACORD standards is at the heart of CSRP, which allows money to move. The London market is more efficient. However, this is only an element, the rapid and accurate exchange of information among all parties in the insurance value chain is an important component of market modernization. “
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