Acord expands global data standards to include e-placement
Standards-setting body Acord has expanded its Global Reinsurance and Large Commercial (GRLC) standards to include guidelines for e-placement, in a move that will help to underpin the London market’s modernisation.
The standards will allow (re)insurers to adopt advanced e-placement processes from submission to bind, the body said.
The e-placement standards were developed in collaboration with the Ruschlikon reinsurance community – a union whereby carriers collaborate to develop operational efficiencies.
The group has a shared aim to enable smart end-to-end processing across the entire (re)insurance customer journey.
Acord global managing director Chris Newman said: “The Acord GRLC standards have supported the placing process for some time, but this represents a new era of data exchange.
“By providing the tools to adopt standardised e-placing, these new standards will enable greater levels of digitisation and modernizsation for the (re)insurance community.”
The e-placement steering committee for Ruschlikon includes Aon, Guy Carpenter, Hannover Re, Lloyd’s, Munich Re, PartnerRe, Scor, Swiss Re and Willis Towers Watson.
The committee’s chair Theo Bachmann, who is also managing director and head P&C centre at Swiss Re, said: “The Ruschlikon community has had tremendous success over the last 13 years in reducing operational cost and enhancing client service in e-accounting and claims.
“Now we’re ensuring that on the e-placing side. We provide the same level of standardization and the same from-the-industry, for-the-industry approach, that has proven so effective.”
Acord will play a fundamental role in the modernisation reforms at Lloyd’s, collaborating with the Corporation on its core data record and hosting new document repository interface (DRI) channels.