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A common view of the insurance industry holds that it moves too slowly, the status quo stays status quo, and new ideas - even great ones - don’t always result in action. It’s a sleeping giant that keeps hitting the snooze button.
The London Market Group (LMG) and The Boston Consulting Group (BCG) have published the results of an extensive market research into commercial insurance and reinsurance.
One of the top retirement trends introduced is the qualified longevity annuity (QLAC).
The new Cyber and Privacy Liability changes will be available with the release of ACORD P&C XML 1.29 scheduled for late June 2015.
This new asset provides implementers of the ACORD P&C Standards with documentation that will greatly reduce development time and associated costs, improve efficiency, drive a consistent industry-wide method for associating the standards, and keep the standards in sync.
The newly enhanced system, now called the “ACORD Test Harness,” will build upon all of the existing functionality used to test and certify ACORD messaging, but with updated capabilities designed to move the insurance industry into the future.
ACORD Standards are being used by companies doing business across geographies, across lines of business, and with more automation. Business practitioners want more straight-through processes, which creates a greater need for interoperability.
Two non-profit insurance organizations are teaming up to expand the reach of the standards they develop and maintain for insurers.
ACORD Standard VehicleTelematicsNotify messaging allows telematics data providers to deliver data to data consumers (typically insurance carriers).
The Innovation Challenge is the first insurance-specific technology and innovation competition.