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Dec 2, 2015

Year in Review: Industry Relations

Compliance, Industry & Government Affairs is an outward-facing department of ACORD that builds relationships with the industry, related associations and insurance regulators. These relationships promote awareness of ACORD throughout the overall insurance industry.

Everyone at ACORD has a role in industry relations, by building stronger relationships with the associations that provide value to ACORD members. The members of each association, whether a Trade, Regulatory or User Group for an industry solution, may in turn become the volunteer industry experts that ACORD needs to round out the ACORD Forms, Data Standards or other assets. A strong relationship with the various industry groups will help ACORD identify opportunities to work together, eliminate obstacles and solidify successful partnerships. 

Ensuring that ACORD is recognized as a global association with strong relationships in the industry
There are hundreds of associations fulfilling the needs of, and providing value to, their respective members. We have identified 79 associations that have the strongest relationship with ACORD - 43% of those are involved in our standards development or implementation initiatives. 

 “As the insurance industry expands both vertically and horizontally, there will be a need for interoperability among various standards bodies. ACORD should monitor these activities to identify areas for collaboration or other appropriate action.”  (the 20/20 Executive Report)

The industry’s collective investment in ACORD standards is substantial, but there is no guarantee it will retain its value without effort and activism.” We will continue our focus on these top priority associations as well as the entire association group in 2016. 

A few of the notable relationships and action items involving the Compliance, Industry & Government Affairs department include:

NASBP and SFAA – two Surety associations that are providing industry experts to enhance the applicable ACORD Surety standards

  • E&S Joint Working Group – four associations (AAMGA, NAPSLO, ACT and ACORD) that are leading the initiative to pass ACORD Standard data between the retail agents, MGAs and London Market
  • AUGIE – nine associations (ACORD, ACT, AIMS Society, Applied Client Network, LAAIA, NASPA, PIA, NetVU and NeXsure) that are advocating for the implementation of efficient workflows based on ACORD forms, data standards and reference architecture. The success of these tasks has led to maintenance requests to the ACORD standards, increased usage by the agents/brokers and implementation by the carriers and solution providers.