The word from ACORD as they mark a quarter century;
ACORD, the standards development organisation for the global insurance industry, is marking 25 years of collaboration with the London insurance market. Since establishing its London operations in 2001, ACORD, a non-profit, member-driven association, has played a central role in facilitating digital data exchange and global (re)insurance interoperability for the London insurance market through the development of common data standards.
To celebrate this milestone, ACORD invites London market participants to visit the ACORD Lounge at London Risk Week, May 13–14, at The Moniker, 25 Fenchurch Avenue. ACORD will host a series of events at the Lounge with Lloyd’s Market Association (LMA), London Market Group (LMG), International Underwriting Association (IUA), London Insurance Market Operations and Strategic Sourcing (LIMOSS), and other leading insurance industry innovators.
Engaging with the full London market ecosystem, ACORD works collaboratively with insurance industry associations, the insurance technology vendor community, and the market’s leading carriers and brokers, providing a non-competitive environment for all to collaborate on data standards driving efficiency and modernisation in the London (re)insurance and specialty markets. Aligned with these ACORD Standards, London market firms now have the ability to exchange information seamlessly across global markets.
“ACORD came to the London market 25 years ago with a clear message: common data standards, developed collaboratively, make the entire industry work better,” said Tanya Krochta, Acting CEO of ACORD. “Our approach is grounded in the understanding that standards must be built hand-in-hand with the markets we serve.”
“The participation of the ACORD community has been responsible for so much of the progress that the market has made over the past 25 years,” added Tim Ellis, ACORD’s Managing Director – UK. “We’re grateful for their collaboration in our continuing delivery of digital data standards tailored to the unique needs of the world’s preeminent insurance market.”
Over the past 25 years, ACORD has seen many milestones in the London market:
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In 2001, ACORD (founded in the US in 1970) merged with European standards body WISe, opened its London office, and launched the ACORD GRLC (Global Reinsurance & Large Commercial) Standards. ACORD GRLC, which has since become the agreed method for submitting and exchanging data within the London market, enabling high-volume digital processing at scale.
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In 2006, the ACORD DRI (Document Repository Interface) Standard became the vehicle for the launch of ECF (Electronic Claim Files), as part of a program to modernise claims handling across the London Market. This was followed by DRI-based Accounting & Settlement in 2008, and ECF Writeback in 2015. Today millions of these transactions are processed every year, eliminating redundant processing, facilitating automation, and improving data quality.
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In 2011, the Ruschlikon UK Implementation Group (RUKIG) was established to support UK implementation of the ACORD Standards and Ruschlikon best practices, contributing to one of the most successful process transformation initiatives in the global insurance market.
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In 2016, ACORD Solutions Group was launched in order to provide the tools, connectivity, and infrastructure that allow organisations to exchange data in real time, embed ACORD Standards directly into workflows, and move from manual rekeying to intelligent automation. ASG’s ADEPT (ACORD Data Exchange Platform & Translator) has enabled stakeholders throughout the London Market to translate standards adoption into tangible operational outcomes.
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In 2020, the ACORD London Advisory Board was formed to align market initiatives and ensure the impact and relevance of ACORD to its members’ needs. This was followed in 2024 by the formation of the ACORD Global Advisory Council, to drive interoperability between the London Market and emerging insurance hubs worldwide.
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In 2022, the London Market Group (LMG) Data Council unanimously agreed that ACORD Standards would be the market’s chosen data methodology. The CDR (Core Data Record) – providing the critical data requirements for London Market transactions – was built to align with the ACORD GRLC Standards.
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In 2025, ACORD launched “GRLC Generation 2.0,” representing a digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the (re)insurance ecosystem. ACORD GRLC Gen 2 Standards allow insurers, brokers, and service providers to leverage a unified set of digital data standards from placing to binding to claims to settlement.
· Also in 2025, an open letter to the industry was published, calling on all insurers and brokers to take full advantage of the coming digital market by aligning their data to the ACORD GRLC Standard. The letter was signed by the CEOs of Lloyd’s, Velonetic, the LMG, the IUA, LIIBA, the LMA, PPL, and Verisk.
“Twenty-five years of ACORD in London marks a significant milestone in our work to achieve insurance industry digitalisation and global interoperability,” said Chris Newman, CEO, ACORD Solutions Group. “ACORD Standards have driven digital transformation throughout the London Market and beyond; we’re building on that foundation to keep delivering real, lasting progress for the global (re)insurance industry.”
The ACORD Lounge, located at The Moniker on 25 Fenchurch Avenue, will be open May 13–14 and will serve as a meeting point for London Risk Week participants, with complimentary refreshments and thought leadership sessions with industry organisations. All London Risk Week attendees are welcome. RSVP and see the full ACORD Lounge schedule here.
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