Acord, the industry data standards body, has introduced a new adoption toolkit designed to support the application of data standards for global reinsurance and large commercial risks.
The toolkit provides detailed, step-by-step guidance on every stage of the implementation of standards along with a wide range of self-help resources and access to dedicated Acord support contacts.
Chris Newman, managing director of Acord in London said: “The benefits of implementing data standards are being realised by stakeholders across the global insurance ecosystem in terms of cost savings, greater efficiencies and easier access to new markets,”
“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. In addition, the toolkit includes the option of a trial Acord membership for system vendors that allows them to road-test and realise the benefits of implementing standards.”
Testing and certification guides have been updated and all resources are now organised by member type. The toolkit will be updated regularly and Acord will also run clinics to support the implementation of standards.
Senior operations lead at XL Catlin and chairman of the industry group Ruschlikon, Simon Squires, said: “The London Market is making significant investments in making itself easier to do business with at all stages of the insurance value chain.”
“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 maximise the benefits of the new digital landscape.”
Richard Brame, a senior director at Willis Towers Watson added: “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 modernisation.”