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News Detail

Jun 29, 2016

Global Reinsurance and Large Commercial Activity

GRLC Working Groups Activity

  • The Delegated Authority Working Group (formerly the Binding Authority) has picked up pace. As the Risk Bound Property message released and implemented in the Australia and London markets last year, the group continues to refine binder reporting standards to include additional lines of business. This year, the property line of business has been enhanced and the group has agreed on the data requirements for the casualty lines of business. Premium and claims requirements have also been refreshed, originally defined during working groups that ran 2014 through 2015. All these enhancements are being mapped to the underlain XML standards. 
  • The Placing Working Group began in April and delivered a full dataset in June which mapped to the GRLC Placing message. Having met seven times since the spring, the group has already beaten its projected targets. Work continues on Placing sections, data cycle validation and completion rules, and for different lines of business. The group is also working to integrate electronic placing messages and downstream accounting and claims messages.
  • In London, a full electronic Placing process pilot is planned to move forward in July, beginning with the Terrorism line of business. Going forward, Placing aims to support this and any new requirements for current and future lines of business, as well as other initiatives in London.
  • Global implementations of accounting and claims queries are currently raised via online messages, but resolved by direct offline communication. The New Queries Working Group will design bi-directional processes to expedite message flows and resolve consequent queries.
  • ACORD recently promoted the work carried out by the Global Net Settlement Working Group that compliments GRLC accounting standards (EBOT). The group uses a global utility process which offers automated central accounting, financial reporting and reconciliation alongside net claims and premiums settlements between cedents, carriers and brokers.  The process is an overlay structure operating next to participants’ existing systems and banking partners, simultaneously global but non-disruptive. Download the webinar, “From many to one – minimizing the payment overheads through net settlement,”  to catch up on the details. 

Implementation Communities 

  • Ruschlikon met June 20th-21st to discuss implementation (with the Business Implementation Group) and strategy (with the Marketing and Steering Groups). Paris, London and New York were linked via video conference.
  • Ruschlikon uses ACORD EBOT processes for accounting, settlement and claims. To learn more about the community, see the Ruschlikon newsletter included in the main issue.
  • London Market Target Operating Model initiative (LM TOM): ACORD works closely with implementation communities around the world who use GRLC Standards.  One current focus is the London’s ongoing infrastructure refresh to support business going forward. LM TOM is rooted in ACORD GRLC, so ACORD’s London office is working closely with this initiative in a push to support the adoption of ACORD methodology.