ACORD Publishes 2023 Member Report

You want reports? ACORD has got them for you. Looking at digital transactions, standards and more in the London market. Here’s the word;

ACORD, the standards-setting body for the global insurance industry, today released its 2023 Member Report, detailing its efforts on behalf of its members over the past year. ACORD welcomed more than 100 new members across various stakeholder types, from carriers to brokers to solution providers.

The report notes several key achievements, including:

·        Expansion of ACORD Next-Generation Digital Standards (NGDS), which provide lightweight, technology-agnostic Standards for use in fine-grained transactions, such as microservices and RESTful APIs

·        Support of London Market modernization with ACORD Global Reinsurance and Large Commercial Standards as the market’s chosen method of data exchange

·        Enhancements to ACORD Transcriber, ACORD Solutions Group’s intelligent document processing solution, with launches of extended features leveraging AI- and ML-enabled models to facilitate fast and accurate data extraction and population.

“ACORD is in a unique position to help shape the future of insurance,” said Bill Pieroni, President & CEO of ACORD, in his annual message to the ACORD member community. “We have witnessed great change in the industry, and ACORD has grown and changed alongside our members. From the first standardized forms to AI-based solutions, ACORD has worked with our members to enable transformation and drive impact across our ecosystem.”

The full report can be accessed at www.acord.org/2023report