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 has been developed in response to market feedback and is designed to make it much easier for all stakeholders to implement ACORD Standards and access on-going support,” said Newman. “In addition, the toolkit includes the option of a trial ACORD membership for system vendors that allows them to road-test and realize the benefits of implementing standards.”
The toolkit provides detailed step-by-step guidance on every stage of the implementation of standards as well as a wide range of self-help resources and access to dedicated ACORD support contacts, said ACORD in a statement.
Testing and certification guides have been updated and all resources are now organized by member type, the organization said, noting that the toolkit will be updated regularly, and ACORD also will run clinics to support the implementation of standards.
“The London market is making significant investments in making itself easier to do business with at all stages of the insurance value chain,” said Simon Squires, senior operations lead at XL Catlin and chairman of the industry group Ruschlikon.
“The adoption of ACORD standards will be a key component in the market’s success, so the additional support and guidance that the Adoption Toolkit provides will be vital in helping to ensure that businesses can maximize the benefits of the new digital landscape,” Squires said.
Richard Brame, a senior director at Willis Towers Watson and a member of both the Ruschlikon Steering Group and the London Market Central Services Refresh Programme (CSRP) Steering Committee, said: “Adopting ACORD standards is central to the CSRP, enabling money to move through the London market more efficiently. However, this is just one element, the fast and accurate exchange of information between all parties in the insurance value chain is a key component of market modernization.”
The Adoption Toolkit is located on a new dedicated London market landing page on the ACORD website.
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