Skip to Main Content

News Detail

Sep 18, 2020

ACORD London Market Reflections: The ACORD London Advisory Board (LAB)

by Chris Newman, Managing Director – Global, ACORD 

Earlier this year, we announced the formation of the ACORD London Advisory Board (LAB). This group was established with several goals in mind, including the continuing alignment of London Market initiatives with the global ACORD Data Standards, and increasing adoption and leverage of ACORD assets. Equally important, we intended the LAB to strengthen the impact and relevance of ACORD to its members’ interests.

Comprised of senior representatives from the major London Market associations and the broker and carrier community, the LAB membership provides a valuable array of voices from across the breadth of the greater London insurance community.

With over 36,000 participating organisations throughout the global ecosystem, ACORD is in a key position to facilitate the strategic alignment of the London market with the rest of the world. LAB plays a key role in advising where ACORD deploys future resources and what data-enabling services and assets we create as a not-for-profit, industry-owned body.

Significantly, the LAB has been a positive influence in promoting collaboration between ACORD and the Future at Lloyd’s initiative, with all constituent members understanding the global appeal of ACORD Standards and Solutions and the immediate relevance to the modernisation of the London Market.

We greatly value the LAB members’ insights, and appreciate their input to our decision-making process.

Meet the members

Here’s what several Advisory Board members have to say about LAB and its value, both to the London market and to the industry as a whole:

“Many of the London Market’s modernisation initiatives of recent years use ACORD Standards, and a strong partnership between the London Market and ACORD can make an important contribution to continued modernisation through the standardised, digital exchange of structured insurance data. As the initial Chair of the newly formed Board, LIMOSS, like ACORD a not-for-profit body owned by the industry, will be looking to lead effective collaboration between the various stakeholders to ensure that ACORD’s priorities align with the London Market’s leadership in the global commercial (re-)insurance industry.” - Patrick Molineux, Chair of the ACORD London Advisory Board and Managing Director, London Insurance Market Operations & Strategic Sourcing

“As Chair of the Ruschlikon UK Implementation Group, I see the importance of ACORD Standards and Services in supporting Insurance Market modernisation and digitisation; certainly the ACORD messages and best practices sit at the heart of the success of Ruschlikon. Working for a major global Insurance Broker I see the real benefit of Global Standards and the alignment of ACORD global initiatives with the London Market. The formation of the ACORD London Advisory Board is a really positive step towards ensuring that ACORD remains visible and connected in the London Market and enhances its existing working relationships. Working with ACORD and the representatives from the London Market Associations and other brokers and carriers can only benefit us all.” - Richard Brame, Senior Director, Willis Towers Watson

“The ACORD London Advisory Board could not have been inaugurated at a more appropriate time. As the market continues on the path to digitally enabled trading, this coincides nicely with ACORD’s recently announced Next-Generation Digital Standards, and its suite of Services. The Board has strong representation from market organisations and associations as well as Lloyd’s, and is well placed to get behind Lloyd’s to support them with the Future at Lloyd’s programme. Through this Board, the IUA will firmly encourage and foster the use of appropriate existing standards and services to make the transition from paper to digital transacting as smooth as possible.” - Louise Day, Director of Operations, International Underwriting Association

“We are pleased to represent the views of our members, the Lloyd’s carriers, on the new ACORD Advisory Board. The success of the Future at Lloyd’s journey to transition to a digitally enabled market will largely depend on the market’s ability to agree on and adopt established and, where necessary, new fit-for-purpose data standards. We welcome the opportunity to help make that happen.” - Peter Holdstock, Senior Executive, Market Operations and Business Process, Lloyd’s Market Association

“I am proud to represent LIIBA and its members on the ACORD London Advisory Board. The Board represents a positive and timely step in bringing together the London Market to create a real consensus on the structure and usage of data standards in London and further afield. LIIBA look forward to collaborating with the other London Market Associations to aid ACORD in the structuring of its activities and services to aid the London Market.”-  James Livett, Associate Director, London & International Insurance Brokers’ Association

ACORD’s London Advisory Board is accelerating modernisation efforts, improving integration between industry stakesholders, and maximising the value of standardised data exchange throughout the global insurance ecosystem. The London market and the global ACORD community are both strengthened by the LAB’s contributions.