From left to right Paul Markey, Chairman of Aon Bermuda, Patrick Tannock President, XL Insurance (Bermuda), Charles Dupplin Chief Executive, Hiscox Bermuda. Moderator Mark Berry Senior Vice President Underwriter, XL Re.
Since ACORD began promoting its Standards in Bermuda, the country has taken hold of the concept. ACORD recently sponsored the 2012 Insurance Day Summit in Bermuda, which Maggy Leon, Director of Implementation Services for Reinsurance and Mark Barwick, GRLC Program Director attended. Their goal was to promote ACORD, attend the Bermuda Ruschlikon Steering Committee (BRSC) quarterly meeting and get companies to take the next step toward Standards implementation.
“ACORD began actively promoting the Global Reinsurance and Large Commercial Standards Bermuda in the third quarter of 2011 with the formation of the Bermuda Ruschlikon Steering Committee. Although some Bermudian companies were already using GRLC standards, it was not until BRSC was formed that the Bermuda reinsurance industry started to embrace the standards in a larger scale,” said Barwick.
"Emerging markets and global competition were hot topics at the two-day event," Leon explained. “Gaining efficiencies in the operations of the insurance industry in Bermuda will be an advantage to the Bermuda market. You obviously gain efficiencies when you have the ability to send reinsurance electronic transactions versus technical accounts and claims paper. The use of a standard data set by all parties, the reduction or elimination of data re-keying, and delivery of supporting documents sent with the business transaction are just some examples,” Leon added.
Barwick and Leon both said that ACORD’s presence at the Summit helped spread information about standards and their implementation across a larger community.
“ACORD’s name is known among the reinsurance and technology groups,” Leon concluded. “We were able to go beyond the reinsurance communities in Bermuda increasing their awareness and understanding of how ACORD standards support their business and goals”.