Built in collaboration with the world's largest reinsurers and reinsurance brokers, new functionality extends ADEPT's data exchange capabilities to include Treaty Placement
LONDON and PEARL RIVER, N.Y., March 21, 2022 /PRNewswire/ -- ACORD Solutions Group, the industry-owned subsidiary of global insurance standard-setting body ACORD, today announced the launch of new data exchange capabilities for reinsurance treaty contract placement through ADEPT™ (ACORD Data Exchange Platform & Translator), a platform that links trading partners to structure, validate, and reconcile their data.
ADEPT was built to help the global (re)insurance community digitise a wide range of processes using ACORD Standards, simplifying the way data is shared across the insurance value chain. ADEPT delivers global interoperability by connecting trading partners, regardless of geography and existing level of data exchange maturity, by integrating seamlessly with existing platforms, portals, and infrastructure.
The new ADEPT treaty contract data exchange service was developed in close collaboration with a consortium of the world's largest reinsurers and brokers. It enables the digital exchange of treaty contract placements, providing structured data exchange for Submission, Quote, Order and Signed Line processing, as well as document exchange between broker and reinsurer. As part of its treaty contract placement service, ADEPT is also integrating to all major reinsurance placing platforms.
The ADEPT platform, first launched by ACORD Solutions Group early in 2021, enables the timely, accurate, and secure exchange of data across multiple functional applications. Existing functionality includes automated, real-time premium reconciliation between insurers and brokers, as well as straight-through processing of reinsurance and large commercial accounting (EBOT), claims (ECOT), and settlement workflows. The addition of a new functional application for treaty contract placement was the result of ACORD Solutions Group's continual collaboration with industry stakeholders to extend ADEPT's capabilities in the most impactful areas.
The reinsurance industry currently manages treaty contract transactions through email or individual broker portals. In both cases, reinsurers lack the ability to seamlessly integrate that data into their core systems, requiring the redundant, manual re-keying of information. ADEPT's REST API service layer integrates with existing systems to digitally exchange data for individual transactions, offering a flexible approach to best meet the needs of any organisation.
"The digitisation of reinsurance processes is a challenge, due to the vast array of systems and interfaces that have accrued over time across the market," said Bill Pieroni, President & CEO, ACORD. "ADEPT was built by the industry, for the industry, to improve those processes by enhancing them with purpose-built, next-generation digital capabilities. We are thankful to the global reinsurance community for continuing to collaborate with us to solve some of the greatest technical issues facing our industry."
About ACORD Solutions Group
ACORD Solutions Group (ASG) is an industry-owned extension of ACORD, the standards-setting body for the global insurance industry. ASG delivers end-to-end, enterprise-class solutions to optimize the cost, speed, and accuracy of consistent data exchange. We are uniquely positioned to provide InsurTech solutions which increase the value of data for all insurance stakeholders, regardless of size, geography, or legacy constraints. ASG facilitates integration while bridging the gap between legacy capabilities and strategic modernization. Learn more at www.acordsolutions.com.
Media Contact: Beth Jarecki