Mapping Managed Service will optimize speed, efficiency, and accuracy of data exchange
PARIS, FRANCE and LONDON, UK, September 15, 2020 – European (re)insurance IT consultancy organisation STRADA Conseil today announced a partnership with ACORD, the standards-setting body for the global insurance industry, as its strategic global messaging partner.
STRADA, a Licensed Integrator Partner of the ACORD Solutions Group, will be principally focused on leverage the ACORD Transcriber and ADEPT (ACORD Data Exchange Platform & Translator) assets in order to create a Mapping Managed Service for their European (re)insurance clients, including leading brokers and cedents. This service will facilitate the automated digital intake of placing, accounting, settlement and claims documentation; conversion of this data via API to ACORD Messaging Standard formats; and delivery for downstream processing by underwriting systems.
“We have been working for many years on topics related to data exchange between insurers, brokers and reinsurers,” said Francois Reibell, Managing Partner of STRADA Conseil. “Data exchange digitalisation brings many benefits to all stakeholders of the insurance industry (especially in terms of data quality, systems integration or process improvements). We are very pleased with this partnership, which also involves our London entity (STRADA Consulting UK), as it will enable our consultants to quickly adopt the ACORD Standards, workflows and tools.”
ACORD Standards are widely used throughout the global insurance industry, accounting for roughly one half of premiums written worldwide. By operationalising these Standards, ACORD has been able to offer a growing number of industry-owned solutions and services to the global insurance community.
STRADA will be utilising the ACORD Transcriber solution to convert documentation which has been historically received via spreadsheet or PDF email attachments into structured data in digital formats. The data will then be exchanged through ADEPT, a centralized platform which allows all stakeholders in the insurance value chain to connect via API and transfer data securely and efficiently.
“We are delighted to incorporate STRADA’s expertise as a Licensed Integrator Partner to support the global adoption of the ACORD Global Reinsurance and Large Commercial Data Standards for Placing, Accounting, Settlement and Claims,” commented Chris Newman, Managing Director – Global, ACORD. “Organisations like STRADA harnessing our industry-owned capabilities to bridge the gap between legacy processes and strategic modernisation initiatives is critical to maximising the value of standardised data exchange in the insurance industry.”