NEW YORK, NY, March 30, 2023 – ACORD, the standards-setting body for the global insurance industry, today released its 2022 Member Report, detailing its efforts on behalf of its members over the past year. Highlights include advancements in ACORD’s Next-Generation Digital Standards (NGDS), which provide lightweight, technology-agnostic Standards for use in fine-grained transactions, such as microservices and RESTful APIs.
ACORD Solutions Group also continued to support industry-wide digitalization initiatives this year, developing and releasing expanded capabilities for its cutting-edge digital solutions. This includes the launch of new data exchange capabilities for reinsurance treaty contract placements, as well as functionality to extract data from unstructured submission document formats such as Market Reform Contracts (MRCs).
ACORD also welcomed over 100 new members to its global community of over 36,000 participating organizations in 2022. “Over the past 12 months, ACORD has expanded the adoption of standardized data exchange across new stakeholders, geographies, and lines of business,” said Bill Pieroni, President & CEO of ACORD, in his annual message to the ACORD member community. “The global insurance industry is in the midst of profound change with unprecedented challenges and opportunities for impact, and ACORD is here to serve our members as they shape the future of the industry.”
The full report can be accessed at www.acord.org/MemberReport2022. Some highlights include:
ACORD Next-Generation Digital Standards
ACORD continues to help our members navigate new and evolving technologies in the insurance ecosystem through the ACORD Next-Generation Digital Standards (NGDS), which provide lightweight, technology-agnostic Standards for use in fine-grained transactions, such as microservices and RESTful APIs.
The Next-Generation Digital Standards community continues to work to define best practices for usage and implementation of the NGDS components in development of APIs. ACORD also continues to develop training materials and guidance for new members and diversified audiences. The NGDS user stories cover all domains (P&C, L&A, GRLC, AML, and Cross-Domain) and will continue to expand in 2023 and beyond.
London Market Modernization
As part of the initiative to modernize the London Market, the LMG Data Council unanimously agreed this year to have ACORD Global Reinsurance and Large Commercial Standards serve as the market’s method of data exchange.
In September 2022, ACORD Solutions Group joined leading technology vendors in aligning to support the services and solutions built as part of the Lloyd’s Blueprint Two initiative. ADEPT (ACORD Data Exchange Platform and Translator), the data exchange platform built by ACORD Solutions Group, will serve as the gateway for the London Market, allowing market participants to connect and exchange market-standard data for both Lloyd’s Transitional Services and Fully Digital Services.
ACORD Solutions Group’s ADEPT
ADEPT (ACORD Data Exchange Platform and Translator) launched new data exchange capabilities for reinsurance treaty contract placement, providing structured data exchange for Submission, Quote, Order and Signed Line processing, as well as document exchange between broker and reinsurer. It will also integrate to all major placing platforms, with industry stakeholders such as Supercede already implementing the new use case. ADEPT also launched a user portal in 2022 in order to enhance access to ADEPT throughout the global (re)insurance community.
ACORD Solutions Group also extended AI capabilities for ACORD Transcriber in order to facilitate data extraction from unstructured submission document formats such as current and future Market Reform Contracts (MRCs).
To read the full 2022 ACORD Member Report, visit www.acord.org/MemberReport2022.