New data standards will support emerging and future technologies across all geographies and lines of business
Pearl River, NY (Apr. 8, 2020) – ACORD, the global standards-setting body for the insurance industry, today announced the release of Version 1.0 of its Next-Generation Digital Standards for insurance data exchange. Developed in partnership with leading industry organizations, the Standards enable omnichannel information exchange using fine-grained business transactions.
The ACORD Next-Generation Digital Standards are designed to function across any technology interfaces to support data transfer mechanisms such as microservices and RESTful APIs. Applications of these messages include customer-facing mobile apps, the Internet of Things, distributed ledgers, and other cutting-edge technologies.
“Change in the global insurance ecosystem is accelerating,” said ACORD CEO Bill Pieroni. “Embracing streamlined data exchange will allow insurance stakeholders to leverage new and emerging technologies to benefit themselves, trading partners, and insureds.”
ACORD has facilitated the development of standardized forms, data messaging, and other assets since 1970 in partnership with its members, which include insurers, brokers, agents, solution providers, and other industry leaders worldwide. Half of global written insurance premiums leverage ACORD Standards.
The ACORD Next-Generation Digital Standards were developed with contributions from ACORD members throughout the industry, including AIG, The Hartford, W.R. Berkley, the Ruschlikon reinsurance community, and several leading InsurTech providers. Work on the Standards was driven explicitly by member needs and priorities.
“For 50 years, ACORD has been bringing insurance stakeholders together to improve information exchange and drive efficiency for the industry,” Pieroni added. “Our deep industry knowledge and partnerships, along with our work on leading digital solutions, uniquely position us to address our community’s needs.”
The ACORD Next-Generation Digital Standards are available for download by members of ACORD Standards programs across all lines of business, including Property & Casualty, Life & Annuity, and Global Reinsurance & Large Commercial. To download the Standards, please visit www.acord.org/standards.
For more information about the Next-Generation Digital Standards development process, see www.acord.org/docs/NGDS2020.
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.
Source: ACORDTags: ACORD, data exchange, data standard, emerging technologies, launch