Implementation

ACORD standards are implemented today in London Market repositories and electronic trading systems. Brokers and underwriters use ACORD standards for submissions and renewals, endorsements, accounting, settlement and claims processing, and exposures reporting. ACORD standards are the platform for:

• The Lloyd’s Exchange, which contains a market directory that allows participants to create and maintain online trading relationships and a messaging hub that allows brokers and underwriters to exchange electronic placing messages.
• The London Insurance Market Repository, which provides secure and managed distribution and access to documentation that accompanies RLC workflow triggers.
• The Rueschlikon Initiative, which provides the European Reinsurance and Large Commercial market with an end-to-end managed network service that enables e-trading of back office technical and financial accounts between brokers, cedants and reinsurers.
• E-trading exchanges including eReinsure, Qatarlyst and RI3K .
• Back-office bureaux functions provided to the London market via Xchanging.

Other ACORD London projects include:

• The Testing and Certification Facility, an online “virtual trading partner”. The Facility offers a reliable method for implementers to quickly fine-tune their e-trading systems to accepted and strictly regulated industry standards.
• The Tax and Regulatory Reporting Working Group, whose goal is to define an internal reporting message that streamlines and standardises the collection of data. This benefits companies with diverse operations reporting their exposure, premium and claims data to a central department responsible for preparing tax and regulatory reports to various authorities and supervisors around the World.
•  The Exposures Reporting Working Group, whose goal is to define an industry standard for the collection and reporting of exposure information. This standard can be used throughout the insurance value chain, from the primary insurance market through specialist markets, such as delegated authorities, to the reinsurance market.

Advocacy

The ACORD London office promotes standards through the following advocacy initiatives:

• The ACORD Club, a monthly information-sharing forum designed to raise awareness of how best practices and technologies can be utilised for the benefit of the industry.
• The ACORD Forum London, an event that unites the UK and European insurance communities for frank discussion about e-trading and standards implementation with keynote addresses from industry leaders.
• The USA e-Trading Implementation initiative, which leverages the experience of ACORD RLC XML implementation from the European and London markets for the benefit of US-based cedants, reinsurers and brokers.
• ACORD Advisory Services, which helps individual companies to explore and develop new capabilities through the use of ACORD standards.

Collaboration

With the shared goal of creating a more efficient London Market, ACORD works closely with various associations representing the needs of market participants including:

IUA – the International Underwriters’ Association, who represent the needs of insurers and reinsurers in all markets, including London, Europe and North America.

LIIBA – the London and International Insurance Brokers’ Association, who represent the needs of brokers operating in all markets, including London, Europe and North America.

LMA – the Lloyd’s Market Association, who represent the needs of syndicates operating within the Lloyd’s Market.

ACORD also facilitates meetings such as the ACORD-LIIBA Committee, the ACORD Managing Agents’ Committee, and the ACORD Broker Breakfast.

Globalisation

ACORD standards also help to create growth opportunities through globalisation, because the common terminology of the standards opens up access to new clients and emerging markets. ACORD standards enable organisations to utilise industry expertise from wherever it is located to address opportunities in different geographies, without incurring local expenses.