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Oct 27, 2020

ACORD London Market Reflections: Global Industry Partnerships

by Chris Newman, Managing Director – Global, ACORD 

Global industry partnership has long been a priority for our organisation – as the global standards body for the insurance industry, our very mission is tied to the ideal of our industry working together. So it’s with great excitement that over the last year, the ACORD Solutions Group Licensed Integrator Partner (LIP) program has announced 25 partnerships with leading insurance and technology organisations – with more to come! We are very enthisiastic about all of the ways we are driving digital modernisation in the London Market and globally through these partnerships.

It’s fitting that we’re reaching this level of partnership on the occasion of our organization’s 50th anniversary. ACORD has a long-standing commitment to driving global data consistency, accuracy, and efficiency through automation, straight-through processing, and data standardisation. Insurance stakeholders worldwide are increasingly aware of the benefits of interoperability. Now more than ever, these stakeholders are working with us to support this goal in the insurance ecosystem – adopting ACORD Standards, partnering with ACORD Solutions Group (ASG) through the LIP program, and donating assets to the global industry through ACORD.

The LIP program was formed to support the global insurance industry’s drive for straight-through process efficiencies, accelerating the implementation of ACORD Data Standards in the insurance ecosystem. Similar to an ACORD Implementation Group, but for Solution Providers, the LIP enables vendors on behalf of their clients to contribute to the roadmap and evolution of the industry-owned assets of ACORD Solutions Group. All ACORD Solution Provider Members are invited to join LIP free of charge.

Together, the members of the LIP program—including the largest providers of best-of-breed policy administrations solutions to insurers, MGA’s and brokers—service over 95% of the London Market. Thanks to LIP, those clients can now take advantage of industry-owned digital accelerators for document extraction, intake and data exchange. This vast ecosystem, along with enterprise digital assets, will enable greater collaboration and accelerate adoption of market modernisation in order to fully leverage data interoperability between all parties in the value chain—something that has seen significant historical barriers, until now.

Sequel Business Solutions, DXC, Morning Data, Eurobase, TIW, AdvantageGo and GPM are just a few of the leading solution providers who are actively engaged with the ACORD Solutions Group LIP program in order to deliver improved value to their clients.

A great example of how a whole market can collaborate and accelerate standardized processing involves one of our newest Licensed Integrator Partners, international reinsurance IT services and software firm C Consulting International (CCI). We recently announced a joint effort to bring messaging standardization for the Italian reinsurance market. Powered by the ACORD Data Exchange Platform & Translator (ADEPT), in collaboration with the Ruschlikon Italia implementation community, this initiative aims to facilitate the sharing of automated ACORD GRLC Technical Account (EBOT) and Claims Movement (ECOT) messages with all stakeholders in the market, regardless of their messaging maturity. The solution also supports the new ACORD Next-Generation Digital Standards for placing messages.

Over 70% of the Italian Reinsurance market utilises CCI’s API-enabled XLayers solution. By integrating the ADEPT market capability, CCI will automate message exchange for their reinsurance clients. Integrating a centralised, industry-standard service like ADEPT with CCI’s XLayers—a modern, API-enabled platform respected throughout the Italian market—creates a direct, automated connection for stakeholders across that market. This ‘blueprint’ will provide a repeatable, scalable, and cost-neutral model for other geographies who are working with ACORD as the global standards body, and leveraging our digital accelerators.

I’m proud of the ways that ACORD is working very closely with technology leaders, our members, and global communities in digitising insurance, and we are ideally positioned to leverage this work to benefit the global insurance industry. Our standards and solutions are there to provide clarity, drive operational efficiencies, and allow all parties to focus on their truly differentiating capabilities.

We value our partners who have joined us through the ACORD Solutions Group Licensed Integrator Partner Program and we look forward to continuing to work with them, and with other leading insurance and technology organisations, to drive digital modernisation in the London Market. To learn more about how your organisation can get involved, contact