ACORD recently released an Implementation Guide for Contract, Risk and Pre-Accounting, a new messaging standard under the ACORD Global Reinsurance and Large Commercial Standards, to facilitate the efficient exchange of contract information among industry stakeholders and drive the modernization of the London Market.
The Contract, Risk and Pre-Accounting Implementation Guide version 3.1.1 Interim Release was developed to offer technical data standards aligned to the Core Data Record, a comprehensive dataset established by the London Market Group’s Data Council. It is the first ACORD GRLC Standard to be JSON/API-based from its inception. The guide covers the exchange of contract, risk and pre-accounting data to allow for the reconciliation and validation of core contract information earlier in the process. This interim release of the Implementation Guide will help firms understand the process flows, data requirements, and data models to assist them in the implementation of the messaging standard, either on a peer-to-peer basis or via the London Market Digital Gateway.
A significant milestone for the Lloyd’s Blueprint Two initiative, the Implementation Guide was published after a six-month-long collaborative effort between major industry stakeholders and organizations, including the ACORD Global Reinsurance and Large Commercial community, the Ruschlikon Initiative, the London Market Group Data Council, the London Market Joint Venture and Blueprint Two. The remaining work to publish the Implementation Guide in its entirety is already underway, and it is anticipated for release later this year.
Users can utilize the Implementation Guide to help their firms assess the readiness of their processing systems to accommodate the messaging standard and connect to the Digital Gateway. A cover letter detailing the purpose and scope of the release can be found here, with the interim release of the Implementation Guide available for download at acord.org/grlc.