ACORD introduces data standards reinsurance toolkit
ACORD, the global standards body for the insurance industry, has launched a toolkit to support the application of data standards for global reinsurance and large commercial risks.
“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,” 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. 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.”
The toolkit provides detailed guidance on every stage of the implementation of standards as well as a wide range of self-help, according to the statement. Testing and certification guides have been updated and all resources are now organised by member type, ACORD said.
Simon Squires, senior operations lead at XL Catlin, 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.”
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