(City of London, location of one of Qatar Re’s main offices. Credit: Colin and Kim Hansen.)
ACORD (Pearl River, N.Y.), the standards-setting body for the global insurance industry, has announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC). Dave Matcham, Chief Executive of the Insurance Underwriting Association of London (IUA), will chair the Council.
The ACORD Global Advisory Council was created to further enhance and expand collaboration among key industry stakeholders, with the goal of driving the benefits of standardized data exchange in leading and emerging insurance market hubs worldwide, according to an ACORD statement.
By ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets, the GAC will play a central role in increasing efficiencies and digital readiness among all stakeholders, the ACORD statement elaborates.
“Building on the success of the ACORD London Advisory Board, representing key London Market organisations, our membership wanted to drive greater collaboration in other major insurance markets around the world,” comments Chris Newman, EVP & Global Managing Director, ACORD. “Aligning specific regional market requirements and priorities with ACORD’s global standards is the foundation of data-driven digitalization and efficient communication between global stakeholders.”
The Global Advisory Council members represent the interests of (re)insurers, brokers, and other insurance stakeholders across various geographies, including Bermuda, Singapore, Dubai, Europe, and North America. Founding member organizations include:
“With the accelerating pace of digital transformation in our industry, the formation of the ACORD Global Advisory Council is a timely and significant step towards increasing collaboration and alignment within leading insurance markets around the world,” comments Dave Matcham, Chief Executive of IUA and chair of the GAC . “I look forward to working alongside ACORD and our global peers to drive essential progress across the insurance ecosystem.”
An Increasingly Interconnected Ecosystem
ACORD places the launch of the Global Advisory Council within the context of several recent milestone successes in global insurance industry digitalization, such as the full alignment of the Core Data Record (CDR) and other key aspects of Lloyd’s Blueprint Two moderzisation program with ACORD Standards, as well as the Italian Market Data Exchange Platform (IMDEP) project, which leverages ACORD Solutions Group’s ADEPT platform to connect the Italian (re)insurance community using ACORD Global Reinsurance and Large Commercial Standards.
“In an increasingly interconnected insurance ecosystem, the ongoing adoption and leverage of data standards is a prerequisite for efficient, effective digital processes,” comments Bill Pieroni, President & CEO, ACORD. “The ACORD Global Advisory Council will play a key role in advancing digital data exchange and connecting stakeholders across both established and emerging markets. The voices of our partners on the GAC will prove invaluable in helping ACORD to meet the evolving needs of the global insurance community.”