ACORD, the standards body for the global insurance industry, has announced the extension of its Global Reinsurance & Large Commercial (GRLC) data standards, to include new standards for electronic placement.
Re / insurers will be able to take advantage of these newly developed standards to adopt advanced electronic placement processes from submission to binding.
“The ACORD GRLC standards have supported the placement process for some time, but this represents a new era of data exchange,” said Chris Newman, Managing Director – Global, ACORD. “By providing the tools necessary for the adoption of standardized ePlacing, these new standards will enable higher levels of digitization and modernization for the re / insurance community. “
The ePlacing standards have been developed in close collaboration with the Ruschlikon reinsurance community, as part of the common goal of enabling intelligent end-to-end processing throughout the re / insurance value chain. Current members of the Ruschlikon ePlacing board include Aon, Guy Carpenter, Hannover Re, Lloyd’s, Munich Re, PartnerRe, SCOR, Swiss Re and Willis Towers Watson.
“The Ruschlikon community has enjoyed tremendous success over the past 13 years in reducing operating costs and improving customer service in electronic accounting and claims,” said Ruschlikon ePlacing Board Chairman Theo Bachmann , Managing Director and Head of the P&C Center, Swiss Re.
“Now we are making sure that on the ePlacing side we provide the same level of standardization and the same industry approach to the industry that has proven to be so effective,” he added. .
“Through working with these forward-thinking organizations, we have created a model for modernizing the investment process, which has long been the missing piece of the puzzle in the value chain digitalization effort,” said Newman at ACORD. “It can be leveraged by stakeholders not only in reinsurance, but across all lines of business, to complete the end-to-end digitization of the insurance policy lifecycle. “
The initial version of the ePlaceing Implementation Toolkit includes an implementation guide, clarification materials for commissions and loss participation; an updated code manual and data dictionary, tools to verify ePlacing messaging capability using the ACORD test harness and other assets.
ACORD GRLC data standards are available to ACORD member organizations at www.acord.org/GRLC.
ACORD (Association for the Research and Development of Cooperative Operations) is the global standards body for the insurance and related financial services sectors. ACORD facilitates fast and accurate data exchange and efficient workflows through the development of electronic standards, standardized forms and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD has offices in New York and London.
Interested in Data-driven?
Receive automatic alerts for this topic.