6 December 2004 – Kinnect, the business initiative that electronically captures and transfers insurance risk data between brokers and underwriters, has received certification from ACORD against the P&C (Property & Casualty) Standard*.
This certification provides customers of Kinnect with the ability to implement to the ACORD standard should they wish to be compliant.
Kinnect�s Chief Executive Toby Davies said: �This is further evidence of Kinnect�s key role in helping to establish standards across the insurance community, enabling all businesses to communicate with each other efficiently. That�s why we will support ACORD standards where they exist, and work with them to drive through standards elsewhere.�
Ron Dudley, Vice President, Standards, ACORD, applauded Kinnect in achieving certification and welcomed its help �to drive ACORD Standards throughout this market�.
Kinnect also achieved ACORD certification to the industry-recognised RLC (Reinsurance and Large Commercial) Standard earlier this year and will continue working closely with ACORD as further lines of business are developed.
*1. The ACORD certification is against the P&C (Property and Casualty) Standard V1.6.0, which relates specifically to Commercial Property and New Business Response.
2. Kinnect is a Lloyd�s sponsored business that facilitates the electronic transfer of risk data between brokers and underwriters to lock down contractual terms including risk disclosures. Recording transactions properly aids regulatory compliance, improves the speed and efficiency of settlement and claims, and reduces legal disputes.
3. ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London and New York, ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD Standards and services improve efficiency and expand market reach. Affiliated with ACORD are hundreds of insurance and reinsurance companies, and thousands of agents and brokers, related financial services organisations, solution providers, and industry organisations worldwide.