Next-generation solution provider leverages global ACORD Data Standards to enable one-of-a-kind insurance networking platform
LONDON, UK, Feb 11, 2020 – Digital insurance networking innovator Insurercore announced today a strategic partnership with ACORD, the standards-setting body for the global insurance industry, in order to provide real-time market visibility and networking capabilities to their clients worldwide.
The Insurercore platform enables underwriters, brokers, and agents to showcase new products, monitor market appetite, expand professional networks, and advertise their expertise to the industry.
Insurercore will utilise the ACORD Standards throughout their platform in order to standardise business classification, facilitating the platform’s global reach by ensuring data consistency throughout both established and emerging markets.
“Until we partnered with ACORD, we struggled to find commonly used market terms to structure the data on our platform. However, now using the ACORD Standards we have been able to attain the full potential of our platform’s analytics and advanced search functionality by utilising terms easily understood market wide. Our users being able to contribute to the Standards is an exciting prospect for us—our platform was built with the aim of better connecting our market and others worldwide. So, to be able to help grease the wheels of communication within and between markets harmonises with our ethos perfectly,” said Peter Clarke, Founder and Managing Director, Insurercore.
ACORD Data Standards are widely used throughout the insurance industry, with ACORD members accounting for half of global gross written premiums. They are proven to increase the speed, efficiency, and accuracy of data exchange. Insurercore will also be leveraging as part of the solution’s roadmap ACORD’s iConductor, a “universal adaptor” for global message exchange, to enable repeated straight-through processing with the global industry’s placing platforms and central services.
“With the rapid acceleration of digital capabilities, the gap between capacity and distribution is quickly shrinking,” said Chris Newman, ACORD’s Managing Director, Global. “Platforms such as Insurercore allow carriers and brokers to seamlessly communicate appetite and drive new capital into the market.”
Insurercore’s rapid adoption by market-leading organizations is driving the creation of new classes of standards, including hashtag standards, which InsurerCore will donate back to ACORD for use by the industry.
“Insurercore’s donation of newly developed business classification standards underscores their commitment to the global (re)insurance community, and the benefits of standardising business workflow,” Newman added.
For more information, see www.insurercore.com and www.acord.org.
Insurercore was founded by market professionals with one fundamental concept in mind ‘Insurer, Broker and Insured would be better served through a higher level of clarity and accessibility around risk appetite information.’ We wanted to build on the best relationship- based traditions in the market, while taking them into the digital information age, where knowledge is always at your fingertips. That is why we have built a company agnostic network to facilitate those relationships and the transfer of information, assisting Insurance Professionals in their core function, the placing and insuring of risk.