AkinovA, the independent electronic marketplace for the transfer and trading of re/insurance risk, has donated key insurance linked security (ILS) data assets to ACORD, the global standards-setting body for the re/insurance industry,.
The donated assets include data definitions and collection mechanisms related to cyber and catastrophe risk transfer for the re/insurance marketplace, as well as regulator-approved sample contracts and policies which will be used to guide the development of ACORD’s Global Reinsurance and Large Commercial Standards. These instruments include a modularized contract structure and easily accessible summary of all key price-relevant variables.
AkinovA developed these assets as part of its mission to grow the overall size of the re/insurance market by enabling new participants to enter, helping existing participants to transact more business, and creating an effective secondary market for the re-trading of re/insurance risks, bringing together third-party news, data and analytics from its users and partners.
“In the global insurance ecosystem, standardized data exchange is, and will continue to be, a key enabler of material growth across all lines of business,” said ACORD president and CEO Bill Pieroni.
“We were impressed to see that AkinovA truly understands that standards are key to support sustainable, profitable growth,” he added. “Their efforts to enable a secondary market to trade risk, and to handle more dynamic emerging lines – such as cyber and climate related risk – will benefit our members and the clients they serve.”
ACORD Standards are widely used for data exchange throughout the global insurance industry, with one third the world’s premiums written by ACORD members. ACORD messages are exchanged daily between insurers, reinsurers, brokers, agents, and others in more than 100 countries. Implementation of ACORD Standards has been shown to improve the speed, accuracy, and efficiency of data exchange.
“While the industry will always have a need to support bespoke contracts, we can also encourage the use of standard protection instruments by making them more accessible and cost-efficient,” said AkinovA co-founder and CEO Henri Winand.
“As a trusted, non-threatening, third-party infrastructure provider to all those who wish to use it, we have been able to rapidly iterate and integrate feedback from a range of competitors happy to share information with us,” Winand continued.
The announcement from AkinovA and ACORD stated that “collaboration encourages standardized data exchange.”
In line with such a goal, Winand noted that AkinovA has invested significant time and legal effort to integrate content and get feedback from its members, while also receiving broader industry support from brokers, re/insurers, actuaries and law firms.
“Over time, AkinovA expects this library of standard protection instruments to grow to other lines of business across the insurance linked securities market and beyond. This is the start of an exciting journey,” he affirmed.
With offices in New York and London, ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD currently engages more than 8,000 participating organizations spanning over 100 countries, including insurers, reinsurers, agents and brokers, software providers, and industry associations.
Regulated by the Bermudan Monitory Authority (BMA), AkinovA has built an independent electronic marketplace for the transfer and trading of re/insurance risks. Founded by experts from insurance, technology and capital markets, AkinovA is working with the existing re/insurance value chain to help grow the overall market. AkinovA is working with leading insurance industry participants, including Hiscox and MS&AD Insurance Group, as well as Plug and Play Insurtech, New York City-based marketplace venture capitalist FJ Labs, and Israel-based insurtech/fintech venture capitalist FinTLV.
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