(Bill Pieroni, CEO, ACORD. Photo source: ACORD.)
The announcement of Greg Maciag’s retirement as CEO of global insurance technology standards organization ACORD was big news. The subsequently announced appointment of Bill Pieroni as his successor was big news in its own right. Pieroni has been one of the most visible figures in the insurance technology realm for over a decade, having held a succession of important roles, such as General manager of IBM’s insurance business. Pieroni emerged from a career as a consultant for Accenture and McKinsey & Co. as a commentator attuned to the potential of technology for the insurance industry in the information age, during the early 2000s. After IBM Pieroni held a strategic senior VP role at State Farm, and most recently he was Global Chief Operating Officer of Marsh (New York), responsible for the firm’s global operations. He was also the Chief Technology and Transformation Officer across the company’s Risk and Insurance Segment. Insurance Innovation Reporter recently had an exchange with Pieroni about his new role at ACORD.
Insurance Innovation Reporter: How did you come to take the ACORD job–why were you interested, and what makes you the right man for the job?
Bill Pieroni, CEO, ACORD: My entire career has been focused in the insurance sector, across carriers, brokers and service providers. I have had a deep commitment to ACORD and its mission and vision throughout my career. Serving on ACORD’s Board for over a decade has given me a strong foundation to assume my leadership role. I am proud to bring my experience to ACORD and honored to be leading our organization during this exciting time.
IIR: The world of business is changing rapidly in the face of technological change, especially under the influence of the consumerization of technology. What is ACORD’s continuing relevance for the insurance industry in this environment?
BP: Since its inception, ACORD has played a key role facilitating efficiency and effectiveness across the insurance value chain. We have a wide footprint globally and play an essential role in supporting a number of industry stakeholders. To ensure continued success, we will need to expand upon the approach for driving value. Improving our capabilities and playing a greater role in the areas of services and assets will be key moving forward.
IIR: What are some of the organization’s most important activities in that regard currently?
BP: Today, ACORD engages 5,000 participants from more than 500 member organizations, spanning 20 countries with hundreds of forms and Standards. We currently enjoy a rich relationship with our continuum of industry stakeholders. As part of our efforts to maintain and build upon these relationships, we will continue to focus on areas in which we can increase value, and develop capabilities, services and assets that directly support their needs.
IIR: Let’s return to the theme of rapid technology change in society. How is the world changing in ways that will impact ACORD’s evolution?
BP: One example is the Internet of Things. IoT is a reality in today’s marketplace, and is creating a number of issues and opportunities. ACORD has already been working in this space for several years, particularly in the area of insurance telematics. IoT standards for things like telematics are critical to consistent and efficient data collection and more accurate predictive analytics.
We are committed to evaluating the evolving needs of the industry and continually improving our solutions to best serve our members.
IIR: What role does and will ACORD in helping insurers to innovate?
BP: We play a very important role in helping businesses, government, and individuals to achieve their goals and aspirations. To ensure that we are fulfilling the ACORD mission, we must innovate to accomplish our core objectives. Our industry faces a number of opportunities and threats and we are committed to supporting our stakeholders so they can thrive in this environment. We as an industry make a promise, and develop capabilities around that promise to meet the needs of our members. ACORD will continue to play a key role in identifying new value levers and underlying Standards, services and assets to support adoption.