Global insurance standards body aligns data exchange assets with Lloyd's and leading vendors for benefit of worldwide industry ecosystem
LONDON, June 11, 2020 /PRNewswire/ -- ACORD, the standards-setting body for the global insurance industry, today announced that it has mapped the existing ACORD Data Messaging Standards and ACORD Digital Solutions to the Lloyd's API Factory placement specifications published earlier this week.
ACORD Standards enable digital data exchange across 36,000 participating organisations, accounting for more than half of the world's written premiums, and nearly 75% of London Market transactions. Its London Advisory Board includes representatives of all major London Market associations, including IUA, LMA, LIIBA and LIMOSS, as well as leading brokers, reinsurers, and syndicates, including Lloyd's.
"Because we are owned by the industry, ACORD has a commitment to enabling efficient data exchange throughout the global insurance ecosystem," said Chris Newman, ACORD's Managing Director, Global. "Aligning the Lloyd's API Factory with proven ACORD assets will allow thousands of stakeholders worldwide to seamlessly leverage existing capabilities, realising the value of digitisation and connectivity with minimal disruption."
ACORD undertook this alignment effort in order to preserve existing industry investment, as well as reduce the time, cost, and risk for stakeholders to comply with the proprietary Lloyd's API specifications.
"Data standards are critical to the London Market and global markets," said Dave Matcham, Chief Executive, International Underwriting Association. "The fact that ACORD has been able to work with both Lloyd's and PPL so quickly to connect brokers and carriers with the Placing Platform is good news for everyone. This alignment not only makes it easier for vendors and self-builders to participate, but also protects the investment that many of our members have already made in the use of the ACORD Data Standards."
"We very much hope this will assist LIIBA members in their use of the available technologies in the most efficient way to assist them in continuing to provide the highest level of service to their clients," said James Livett, Associate Director, London & International Insurance Brokers Association. "Data standards are key to the London and international markets, and ACORD offer the only truly cross-market international body to manage them. We will continue to work with ACORD to develop standards, solutions, and services which are owned and managed by the global industry."
Leading solution providers including DXC, Sequel, and Eurobase, as well as others, will interact with Lloyd's proposed API Factory through ADEPT (ACORD Data Exchange Platform & Translator). ADEPT accelerates digitisation across the insurance value chain by enabling stakeholders to integrate with niche platforms and proprietary models, using ACORD Standards in XML, JSON, and other formats, as well as bespoke or semi-structured data. ADEPT supports direct data exchange and straight-through processing with the London Market Bureau, Lloyd's, and other global, regional, or national platforms.
"We developed ADEPT at the urging of the industry, to serve as a universal adaptor and single entry point for the global ecosystem," Newman said.
"As the 'platform of choice' for a significant portion of London Market stakeholders, DXC understands the importance of digitisation and interoperability of market solutions," said John Taylor, DXC's Account General Manager for the London Market. "By working with ACORD to leverage their standards and solutions across our portfolio, we are able to ensure that our clients will be able to conduct business effectively and efficiently no matter what changes occur in the market environment."
"Access to multiple global platform interfaces via a single connection from an industry-owned global standards body to manage the connectivity will contribute to a more efficient model for our group and customers," said Ian Summers, CEO, Sequel, a Verisk business.
Joe Locke, CEO of Eurobase, commented, "We are pleased to see this alignment between Lloyd's and ACORD. It is essential that all market participants benefit from recognised industry standards and APIs to ensure seamless passing of data. As a solution provider we recognise the importance of supporting such APIs, particularly as the availability and adoption of digital messaging by the market will only increase, and to meet the continued drive for efficiency by removing so much unnecessary and repetitive manual entry of data."
"Our members understand that interoperability across the insurance value chain is key to future success," Newman added. "Having a unified set of industry-governed standards and solutions is critical to this vision."
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, standardised forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organisations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.