(Image source: ACORD.)
ACORD (Pearl River, N.Y.), the global standards-setting body for the insurance industry, has released Version 1.0 of its Next-Generation Digital Standards for insurance data exchange. Developed in partnership with leading industry organizations, the Standards enable omnichannel information exchange using fine-grained business transactions, according to the organization.
The ACORD Next-Generation Digital Standards are designed to function across any technology interfaces to support data transfer mechanisms such as microservices and RESTful APIs. Applications of these messages include customer-facing mobile apps, the Internet of Things, distributed ledgers, and other cutting-edge technologies.
“Change in the global insurance ecosystem is accelerating,” comments ACORD CEO Bill Pieroni. “Embracing streamlined data exchange will allow insurance stakeholders to leverage new and emerging technologies to benefit themselves, trading partners, and insureds.”
ACORD has facilitated the development of standardized forms, data messaging, and other assets since 1970 in partnership with its members, which include insurers, brokers, agents, solution providers, and other industry leaders worldwide. Half of global written insurance premiums leverage ACORD Standards.
Driven By Member Needs and Priorities
The ACORD Next-Generation Digital Standards were developed with contributions from ACORD members throughout the industry, including AIG, The Hartford, W.R. Berkley, the Ruschlikon reinsurance community, and several InsurTech providers. Work on the Standards was driven explicitly by member needs and priorities.
“For 50 years, ACORD has been bringing insurance stakeholders together to improve information exchange and drive efficiency for the industry,” Pieroni adds. “Our deep industry knowledge and partnerships, along with our work on leading digital solutions, uniquely position us to address our community’s needs.”
The ACORD Next-Generation Digital Standards are available for download by members of ACORD Standards programs across all lines of business, including Property & Casualty, Life & Annuity, and Global Reinsurance & Large Commercial. To download the Standards, ACORD invites readers to visit www.acord.org/standards.