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Guide to London Market Standards

  1. Standards & Architecture
  2. Guide to London Market Standards
LondonMarketDataStandards_Chart

In an ever-changing business environment, London Market stakeholders need to be able to gather, process, and share information quickly and accurately.

ACORD's vision is to provide the necessary Standards and support to enable a market participant to be up and running, successfully sending and receiving messages using ACORD Standards, as quickly as possible. This allows our participants to focus on the value-add activity of connecting with business partners, and to achieve Straight-Through Processing (STP). ACORD is also spearheading the development of Digital Standards to enable a microservices architecture, including JSON and REST.

Through the implementation of ACORD Standards, organisations can improve the efficiency, effectiveness, and flexibility of their processes, while keeping London accessible, efficient, and relevant to customer needs.

ACORD Introduction Pack

The ACORD Introduction Pack is an overview on the use of ACORD Standards in the London Market. The .zip file includes material with information on:

  • ACORD Membership & Participation Programs
  • ACORD Member Assets & Benefits
  • Standards Knowledge Checklist
  • High-Level Standards Implementation Workflow
  • ACORD Test Harness

Placing Platform Limited (PPL)

The current version of PPL provides the ability to upload contract documentation using Document Repository Interface (DRI), partnered with a reduced placing message. Future iterations will include the capability to fully integrate with the platform using expanded ACORD Global Placing Messages.

Structured Data Capture (SDC)

SDC is an online service which converts the content of a Market Reform Contract (MRC) into consistent electronic data in line with ACORD Standards. Documents can be submitted through PPL, email, TMEL, or via an online portal. A Global Placement Message (as detailed in the Placing Supplementary Guide) is then returned via email, or integrated with existing carrier systems.

Delegated Authority Submissions

ACORD provides a single set of market-approved reporting Standards (Risk, Premium, and Claim) to be utilised consistently across the entire delegated authority market. Data can be provided in a number of formats including AML or P&C messaging.

Central Services Refresh Program (CSRP)

CSRP allows brokers to submit accounting and claims movement data in a consistent format which is in line with global ACORD Messaging Standards, through an online submission portal or through their own systems. The relevant ACORD reference guides and validators are below.

ACORD Messaging Service (AMS)

AMS is a messaging framework, based on the cross-industry Web Service Standards (particularly SOAP), with attachments. The AMS Guide is intended to provide for an integrated solution, based on accepted cross-industry framework standards, to enable the exchange of ACORD Messages linked to supporting electronic documents, following various existing and anticipated messaging scenarios.

Additional Resources

Participation Programs

ACORD offers a variety of memberships for carriers, reinsurers, brokers, solution providers, and many other types of insurance organizations. See Programs & Offerings for more information about our membership options.

All Lloyd’s Coverholders are also able to access Delegated Authority Standards which help support the London Market Target Operating Model. Please contact Member Services to register for this program, free of charge.

Solution Providers in the London Market are eligible to subscribe to ACORD Standards on a trial basis. Please contact Member Services for more information.

Contact/Questions

For more information or assistance, please contact Member Services.