In an insurance industry milestone, a reinsurer – Swiss Re – and a major primary carrier have successfully implemented automated claims, technical accounting, and cash transactions using ACORD Data Messaging Standards in the US.
"We are excited to take this step forward on ACORD Standard messaging,” said Brian Jones, Swiss Re’s Head of Americas P&C Business Management. “ACORD messaging enhances our ability to deliver a consistent level of service to our client, and eliminates considerable amounts of manual work for both the primary insurer and Swiss Re."
“The implementation of electronic messaging provides higher quality customer service as well as expedited and efficient administration and processing. The use of ACORD Standards is a key component of Swiss Re's global strategy, and we are proud to be a leader in this major achievement,” added Sergio Ibanez, Americas eAdmin lead for Swiss Re.
ACORD Standards are widely used for data exchange throughout the global insurance industry, with one third of the world’s premiums written by ACORD members. ACORD messages are exchanged daily between insurers, reinsurers, brokers, agents, and others in more than 100 countries. Implementation of ACORD Standards has been shown to improve the speed, accuracy, and efficiency of data exchange.
“Swiss Re is valued member of the ACORD community,” said ACORD President and CEO Bill Pieroni. “ACORD Standards exist to address the needs of our members across the insurance value chain. This integration is a key example of those members leveraging standardized data exchange to thrive in the emerging digitized insurance ecosystem.”