ACORD iConductor provides comprehensive message orchestration for global insurance market
Pearl River, NY (June 13, 2019) – ACORD, the global standards-setting body for the insurance industry, has announced the launch of ACORD iConductor, a comprehensive global data exchange service. It operationalizes the industry-backed ACORD Standards to transform, orchestrate, and validate all bureau and non-bureau messaging data. Using APIs and next-generation digital technology, it means any part of the global insurance industry can move data more swiftly and accurately between stakeholders.
“For 50 years, ACORD has worked to standardize risk exchange on behalf of the global insurance ecosystem,” said Chris Newman, Managing Director of ACORD. “Market participants are dealing with rapidly increasing volumes of data that needs to be better quality and more accessible. Yet, for many stakeholders, communication is still fragmented, manual, and inefficient.
“The market needs accelerators to help it gain cost savings and efficiencies. ACORD iConductor is a turn-key solution that helps realize these benefits by digitizing the whole insurance lifecycle to streamline, automate, and eliminate inefficiencies.”
ACORD iConductor is a comprehensive next-generation global messaging service, enabling straight-through processing of placing, accounting and claims data via APIs and all other major connectors. It processes not only traditional message types from structured and unstructured data formats such as Electronic Claims Files and Accounting & Settlement, but also next-generation messages like Electronic Placing, Electronic Technical & Financial Accounts and Electronic Claims Movements.
“This platform is designed and built to address the current and future scale of the insurance market, and because it’s owned and governed by the industry, its evolution will align with demand for standardized risk exchange,” said Bill Pieroni, President and Chief Executive Officer of ACORD. “ACORD’s continuing collaboration with all major industry associations ensures that iConductor supports evolving standards, market environments, and industry requirements. The solution delivers on our core promise of improving efficiency and effectiveness across the insurance value chain.”
For more information about ACORD iConductor, please visit www.acordsolutions.com/iConductor.
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 currently engages more than 8,000 participating organizations spanning over 100 countries, including insurance and reinsurance companies, agents and brokers, software providers, financial services organizations, and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org.
Source: ACORD via Luther Pendragon USATags: ACORD, API, digitization, launch, solution