ACORD Announces New Global Advisory Council to Drive Industry-Wide Collaboration and Digitalisation

Key insurance industry organizations represent leading and emerging insurance hubs across the world

LONDON, Feb. 13, 2024 /PRNewswire/ -- ACORD, the standards-setting body for the global insurance industry, today announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC).

The ACORD Global Advisory Council was created to further enhance and expand collaboration among key industry stakeholders, with the goal of driving the benefits of standardised data exchange in leading and emerging insurance market hubs worldwide.

By ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets, the GAC will play a central role in increasing efficiencies and digital readiness among all stakeholders.

"Building on the success of the ACORD London Advisory Board, representing key London Market organisations, our membership wanted to drive greater collaboration in other major insurance markets around the world," said Chris Newman, EVP & Global Managing Director, ACORD. "Aligning specific regional market requirements and priorities with ACORD's global standards is the foundation of data-driven digitalisation and efficient communication between global stakeholders."

The Global Advisory Council members represent the interests of (re)insurers, brokers, and other insurance stakeholders across various geographies, including Bermuda, Singapore, Dubai, Europe, and North America. Founding member organisations include:

• ACORD
• Lloyd's of London
• International Underwriting Association of London (IUA)
• Association of Bermuda Insurers & Reinsurers (ABIR)
• Singapore Reinsurers' Association (SRA)
• Dubai International Financial Centre (DIFC) Insurance Association
• The Ruschlikon Initiative

Dave Matcham, Chief Executive of the IUA, will chair the Council. "With the accelerating pace of digital transformation in our industry, the formation of the ACORD Global Advisory Council is a timely and significant step towards increasing collaboration and alignment within leading insurance markets around the world," Matcham said. "I look forward to working alongside ACORD and our global peers to drive essential progress across the insurance ecosystem."

The founding of the ACORD Global Advisory Council follows several milestone successes in global insurance industry digitalisation, such as the full alignment of the Core Data Record (CDR) and other key aspects of  Lloyd's Blueprint Two modernisation programme with ACORD Standards, as well as the Italian Market Data Exchange Platform (IMDEP) project, which leverages ACORD Solutions Group's ADEPT platform to connect the Italian (re)insurance community using ACORD Global Reinsurance and Large Commercial Standards.

"In an increasingly interconnected insurance ecosystem, the ongoing adoption and leverage of data standards is a prerequisite for efficient, effective digital processes," said Bill Pieroni, President & CEO, ACORD. "The ACORD Global Advisory Council will play a key role in advancing digital data exchange and connecting stakeholders across both established and emerging markets. The voices of our partners on the GAC will prove invaluable in helping ACORD to meet the evolving needs of the global insurance community."

About ACORD

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, 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 maintains offices in New York and London. Learn more at www.acord.org.

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