(Image credit: Darcey Beau/Unsplash.)
ACORD Solutions Group (Little Falls, N.J.) has launched the ADEPT Dubai Regional Hub, expanding access to its API-based data exchange platform for the insurance and reinsurance sector in the UAE. As part of the launch, the company is offering one million free digital messaging transactions to each new Dubai-based client.
Phil Story, Chairman, DIFC Insurance Association.
The announcement was made during “Discover the Future of (Re)Insurance in the UAE,” an event co-hosted by ACORD Solutions Group and the Dubai International Financial Centre Insurance Association (DIFCIA), featuring live demonstrations of the platform and a shared outlook on market digitization.
“The launch of the ADEPT Dubai Regional Hub represents a transformative step forward for the (re)insurance sector in the UAE,” says Phil Story, chairman of the DIFC Insurance Association. “By enabling real-time, standardized data exchange across the value chain, ADEPT helps build the efficient, digital-first marketplace our members are striving for. We’re proud to support ACORD Solutions Group in this milestone moment, which aligns perfectly with DIFCIA’s mission to future-proof our industry through innovation and collaboration.”
Chris Newman, President, International, ACORD Solutions Group.
ADEPT—the ACORD Data Exchange Platform and Translator—supports digital exchange of placing, accounting, and claims data across the global (re)insurance value chain, regardless of participants’ digital maturity. The platform is aligned with ACORD Global Reinsurance & Large Commercial (GRLC) Standards to ensure data consistency and system interoperability.
“ADEPT’s intuitive interface and API-ready framework enable seamless onboarding,” says Chris Newman, president international, ACORD Solutions Group. “Our GRLC Standards community has reported 70 percent reduction in unallocated cash, 80 percent improvement in data quality, and 60 percent reduction in manual effort to process claim transactions. We want the entire global industry to realize these efficiency gains.”
One Million Free Transactions
Dave Matcham, Chief Executive, Insurance Underwriting Association of London.
“Dubai has established itself as a pivotal center for international (re)insurance,” Newman adds. “To drive the market’s digital transformation, we’re offering one million free transactions to new users of ADEPT. Building on our momentum in Europe, North America and Bermuda, the Dubai hub marks another dynamic milestone in opening up the benefits of digital data exchange across the global industry.”
“The member organizations of the ACORD Global Advisory Council share a vision of spreading the benefits of standardized data exchange across global insurance hubs—both established and emerging,” says council chair Dave Matcham. “The ADEPT Dubai Regional Hub is a perfect example of collaboration and dedication to this goal. When data flows seamlessly across barriers—of geography, scale, and technology—data moves faster, data quality improves, less time is wasted on tedious manual effort, and most importantly, the customer experience is enhanced.”
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