Insurance Distribution Associations Unite to Form New Industry Advisory Council

ACORD, the global standards-setting body for the insurance industry, announced the formation of the ACORD Inter-Association Advisory Council (IAAC).

IAAC is a coalition of North American property/casualty associations representing independent agents, brokers, and intermediaries across the North American distribution channel. The IAAC aims to advance digital communication and improve the efficiency of the P/C market by ensuring data is consistent, high-quality, and standardized for organizations to succeed.

The inaugural meeting on May 4 included leaders from ACORD, AUGIE Group (an insurance tech exchange), the Council of Insurance Agents & Brokers (CIAB), the Centre for Study of Insurance Operations (CSIO), the Independent Insurance Agents & Brokers of America/Agents Council for Technology (IIABA/ACT), the Professional Insurance Agents (PIA National), and Wholesale & Specialty Insurance Association (WSIA).

ACORD was originally founded to facilitate communication between agents, brokers, and carriers, evolving over five decades into the insurance industry’s globally recognized standards development organization (SDO). ACORD’s electronic data standards, forms, and other assets have supported millions of transactions and enabled efficient, real-time data exchange and digital transformation throughout the industry.

“The insurance industry runs on data, and its effectiveness depends on the quality and speed of data flowing between stakeholders. Coordination between ACORD and the distributor community is critical to ensure data standards are developed, maintained, and integrated in the most efficient way possible,” said Malou Soriano, SVP and global chief officer of education, consulting & advocacy at ACORD.

As part of its mission, the IAAC will play an active role in supporting ACORD’s priorities for existing and emerging data as well as forms and standards across the distribution channel. The group will address critical emerging issues such as data stewardship, AI governance, and greater consistency in US data rights, while providing coordinated industry input on solutions to shared operational challenges.

The IAAC will identify emerging and high-growth lines of business where standardized data exchange can unlock the most value; address emerging questions around data sovereignty and usage rights; and provide education and thought leadership on the trends and issues reshaping the insurance industry, such as artificial intelligence, data stewardship, and evolving lines of business.

SOURCE: ACORD