NEW YORK, NY, January 23, 2024 – ACORD Solutions Group today announced that global reinsurer TransRe will utilize new AI models in ACORD Solutions Group’s data exchange platform ADEPT (ACORD Data Exchange Platform and Translator), which are built around various broker and cedent accounting and claim document formats.
ADEPT facilitates real-time data exchange in the (re)insurance industry between digitally and nondigitally enabled trading partners. TransRe will utilize AI models in ADEPT and its integrated ACORD Transcriber data extraction service to receive ACORD Global Reinsurance and Large Commercial (GRLC) messages from nondigitally enabled brokers and cedents. The models are part of ADEPT’s full library of more than 50 AI models, which were created to support the digitization of data from a range of document formats exchanged between (re)insurance stakeholders.
TransRe initially implemented ADEPT in 2021 to automate manual document processes. Through ADEPT, TransRe has been able to automatically convert certain non-standardized accounting and claim documents into validated ACORD GRLC messages, driving the efficient flow of this data into TransRe’s proprietary reinsurance system, the TransRe International Reinsurance System (TIRS).
“Implementing ADEPT and integrating it into TIRS has allowed us to automate previously manual document processes and improved the accuracy and interoperability of our data,” said George Di Martino, Executive Vice President and Chief Information Officer of TransRe.
“In an increasingly digital ecosystem, it is imperative that stakeholders are equipped with innovative capabilities that help them connect and keep up with the accelerating pace of change in the industry,” said Chris Newman, Executive Vice President and Global Managing Director, ACORD. “Through these new AI models, TransRe’s latest implementation of ADEPT will help drive greater efficiencies for its clients across the global insurance industry.”
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About TransRe
Established in 1977, TransRe is the brand name for Transatlantic Holdings, Inc. and its subsidiaries (including Transatlantic Reinsurance Company). Headquartered in New York with operations worldwide, TransRe offers the capacity, expertise and creativity necessary to structure programs across the full spectrum of property and casualty risks. Please visit www.transre.com for more information.