(Image source: ACORD homepage.)
ACORD (New York and London) has announced the launch of “GRLC Generation 2.0,” an updated suite of data standards for the Global Reinsurance and Large Commercial (GRLC) segment. The release introduces a digital-first approach to data messaging, supporting straight-through, end-to-end processing across the (re)insurance policy lifecycle.
The new standards are designed to allow insurers, brokers, and service providers to adopt a unified digital data framework from placement through to claims and settlement. The initiative aims to improve operational efficiency, enhance interoperability, and support the adoption of emerging technologies both internally and across trading partners.
Chris Newman, President. International, ACORD Solutions Group.
“As the global industry faces an unprecedented rate of change, our members have expressed an even greater demand for digitalization and interoperability,” comments Chris Newman, President, International, ACORD. “There is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders and throughout the insurance lifecycle.”
GRLC Generation 2.0 aligns with key modernization efforts across the insurance sector, including the following, as detailed by ACORD:
- ACORD Next-Generation Digital Standards – a technology-agnostic, JSON-based standard optimized for microservices and APIs.
- Lloyd’s Blueprint Two and Core Data Record (CDR) – where ACORD Standards have been selected as the market’s data methodology.
- Peer-to-peer implementations – such as those by the Ruschlikon community, which report up to a 70% reduction in unallocated cash, 80% improvement in data quality, and 60% reduction in manual processing effort.
ACORD reports that the new GRLC Gen 2 standards also include improved navigation, enhanced accessibility, and a robust architecture for placing, claims, and accounting digital messaging. ACORD is providing business and technical assets to guide implementation, tailored to the needs of both audiences.
Initial assets in the release include:
- A unified placing standard and updated ePlacing Implementation Guide, designed to harmonize Blueprint Two and peer-to-peer initiatives into a single digital placing approach.
- A whitepaper on enabling the future of claims digital messaging, including new standards for claims handling and orchestration to support straight-through processing.
ACORD says that future releases will feature next-generation updates to the ACORD EBOT (accounting and settlement), ECOT (claim movement), and CRP (contract, risk, and pre-accounting) standards, delivered in both XML and JSON formats.
“This new era of the GRLC Standards will transform how organizations communicate and transact business within global (re)insurance markets,” adds Newman. “We are excited to share the GRLC Generation 2.0 vision of enabling truly digital, end-to-end data exchange across our community.”
ACORD Solutions Group Launches ADEPT Regional Hub in Bermuda