ACORD, the standards-setting body for the global insurance industry, has announced the expansion of its Global Reinsurance & Large Commercial (GRLC) Data Standards, to include new standards for electronic placing. (Re)insurers will be able to leverage these newly developed standards in order to adopt advanced electronic placement processes, from submission to bind.
“The ACORD GRLC Standards have supported the placing process for some time, but this represents a new era of data exchange,” said Chris Newman, Managing Director – Global, ACORD. “By providing the tools to adopt standardized ePlacing, these new standards will enable greater levels of digitization and modernization for the (re)insurance community.”
The ePlacing Standards were developed in close collaboration with the Ruschlikon reinsurance community, as part of the shared goal of enabling smart end-to-end processing across the (re)insurance value chain. Current members of the Ruschlikon ePlacing Steering Committee include Aon, Guy Carpenter, Hannover Re, Lloyd’s, Munich Re, PartnerRe, SCOR, Swiss Re, and Willis Towers Watson.
“The Ruschlikon community has had tremendous success over the last 13 years in reducing operational cost and enhancing client service in eAccounting and Claims,” said Ruschlikon ePlacing Steering Committee Chair Theo Bachmann, Managing Director and Head P&C Centre, Swiss Re. “Now we’re ensuring that on the ePlacing side, we provide the same level of standardization and the same from-the-industry-for-the-industry approach that has proven so effective.”
“Through collaboration with these forward-thinking organizations, we have created a blueprint for the modernization of the placing process, which for a long time has been the missing piece of the puzzle in the effort to digitize the value chain,” Newman continued. “It can be leveraged by stakeholders not only in reinsurance, but across all lines of business, to complete the end-to-end digitization of the insurance policy lifecycle.”
The initial release of the ePlacing Implementation Toolkit includes an implementation guide, clarification documents for Commissions and Loss Participation; an updated Code Manual and Data Dictionary, tools for verifying ePlacing messaging capability using the ACORD Test Harness, and other assets.
ACORD GRLC Data Standards are available to ACORD member organizations at www.acord.org/GRLC.