ACORD, the global standards organisation for the insurance industry, today announced a partnership with leading software provider DataPro Corporation to help insurance businesses to reduce the time, cost and risk of implementing data standards. DataPro provides solutions for insurance broking within the London Market including quotations, risk placements, binding, endorsements and claims.
Conductor, the industry-owned solution provided by ACORD, facilitates the transformation, orchestration and real-time validation of data leaving the DataPro RiskPro solution, converting it into ACORD standard data before transmitting the messages to the Xchanging Bureau. The solution then takes the responses from the Bureau, providing further data transformation, enabling RiskPro to ingest the responses. Conductor is a cloud-based digital platform solution that is available for anyone wishing to leverage ACORD standards with easy adoption.
Chris Newman, Managing Director of ACORD in London said: “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market. As well as helping to achieve cost savings related to shorter processing times and decreased error rates, they also enable the opening and acceleration of new channels and markets.
“However, we know that our membership community faces challenges in integrating legacy systems and new solutions, which means that they are not able to fully leverage the benefits that using ACORD Standards can deliver. By building industry-owned assets and a community between our members, ACORD can help businesses to achieve greater automation of services and solutions, enabling straight-through processing of data across the insurance value chain. This is a vital step in ensuring that businesses can gain the benefits of the fast-paced digital landscape.”
Richard Smith, Managing Director of DataPro, added: “Our broking solution RiskPro is now ACORD-approved and we are able to utilise the full extensive expertise of ACORD, together with their Conductor platform, to process messages into the Bureau seamlessly.”