ACORD today announced the release of the ACORD GRLC CRP 3.2.2 Toolkit, the latest update to the ACORD Global Reinsurance & Large Commercial (GRLC) Data Standards. The GRLC Contract, Risk & Pre-Accounting (CRP) Standard was first developed in 2023 to streamline the flow of contract information among industry stakeholders, and support modernisation initiatives in the London Market.
Included in the CRP 3.2.2 Toolkit are:
- Updates and corrections to the CRP Data File, CRP Codeset File, and CRP JSON Schema – These have been fully updated to align with Lloyd’s Blueprint Two initiative and the needs of the global ACORD community.
- The CRP 3.2.2 Entity Relationship Model (ERM) Diagram – A comprehensive visualisation of the attributes of a CRP message and the relationships between them, describing each component to a highly granular level of detail.
- The CRP 3.2.2 Sample JSON File – Including sample MRC and supporting information, such as schedule information, tax calculations, and regulatory reporting information, needed to complete the CRP.
- The CRP 3.2.2 Implementation Guidance Document.
With the release of the CRP 3.2.2 Toolkit, London Market stakeholders now have access to all the materials required to begin technical design in preparation for Blueprint Two’s phase 2 Digital Gateway.
ACORD also recently released updates to the GRLC EBOT (accounting & settlement) and ECOT (claims) Standards.
ACORD GRLC Standards have been widely used throughout the global (re)insurance industry for decades. In 2022, the London Market Group (LMG) Data Council unanimously agreed that ACORD will be the market’s chosen data standards methodology, in order to support the Blueprint Two initiative and modernisation of the London Market.
To download the Toolkit or to learn more about the Contract, Risk, and Pre-Accounting Standard, please visit www.acord.org/grlc.