There have been numerous attempts to modernise the London Market, with limited degrees of success. With so many stakeholders of varying capabilities and levels of digitisation across the largest marketplace in the world, it’s understandable that the London insurance market has faced its share of difficulties in achieving widespread digital transformation.
As part of this effort, ACORD sought to unlock the potential of a key group in the market: vendors. Too often, vendors are relegated to the last step in the process; but it is the vendors who truly make it happen in support of their own clients. They need to be brought into the conversation early, where their expertise and input can be meaningful – for their clients and the greater industry.
In light of this, ACORD Solutions Group engaged our vendors first to help us develop ADEPT, the industry-owned platform for real-time data exchange. ADEPT (ACORD Data Exchange Platform & Translator) enables participation from all parties, regardless of their stage of digital maturity. The platform was designed and built to be used by the entire global insurance market, and to scale to meet those demands, with the sole purpose of standardising and simplifying data and message exchange between all stakeholders in the worldwide insurance ecosystem.
Now, 95% of the key vendors in the London Market are connecting to ADEPT and passing its benefits on to their clients. It has been incorporated into many global projects, leveraged by organisations from Lloyd’s to Sequel Business Solutions, and continues to reach more across the industry through the help of a forward-thinking, collaborative vendor community.
Read more from Chris Newman, ACORD's Managing Director - Global, at Insurance Day.