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ACORD (New York) has formed the Inter-Association Advisory Council (IAAC), a group of North American distribution organizations focused on data standards and digital communication in the property/casualty market.
Malou Soriano, SVP & Global Chief Officer of Education, Consulting & Advocacy, ACORD.
The council includes representatives from AUGIE Group, the Council of Insurance Agents & Brokers (CIAB), the Centre for Study of Insurance Operations (CSIO), the Independent Insurance Agents & Brokers of America/Agents Council for Technology (IIABA/ACT), the Professional Insurance Agents (PIA National), and Wholesale & Specialty Insurance Association (WSIA).
ACORD says the council is intended to provide input on data standards, forms and digital workflows across the distribution channel. Areas of focus include data quality, interoperability and consistency across agents, brokers and carriers.
“The insurance industry runs on data, and its effectiveness depends on the quality and speed of data flowing between stakeholders,” says Malou Soriano, SVP & Global Chief Officer of Education, Consulting & Advocacy, ACORD. “Coordination between ACORD and the distributor community is critical to ensure data standards are developed, maintained, and integrated in the most efficient way possible. We are proud to partner with the leading distributor organizations in a step forward to advance digital data exchange and deliver coordinated guidance and frameworks to address the industry’s operational challenges.”
Keith Savino, CEO U.S., Emergence Insurance and Chairperson, AUGIE Group.
The council is also expected to address issues including data governance, artificial intelligence and data usage across the U.S. market.
Much-Needed, Unified Voice for Distributors
“Standards deliver the most value when they reflect the needs of the insurance community,” says Keith Savino, CEO U.S., Emergence Insurance and Chairperson, AUGIE Group. “The IAAC creates a much-needed, unified voice for agents, brokers, and intermediaries to help shape data standards that improve efficiency and enable meaningful digital progress across the P&C market.”
ACORD says the group will identify areas where standardized data exchange can support operations and provide input on industry-wide data initiatives.
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