London market leaders have welcomed the news that ACORD has mapped the existing ACORD Data Messaging Standards and ACORD Digital Solutions to the Lloyd’s API Factory placement specifications announced this week.
The firm said the it undertook the alignment in order to “preserve existing industry investment, as well as reduce the time, cost, and risk for stakeholders to comply with the proprietary Lloyd’s API specifications”.
ACORD Standards enable digital data exchange across 36,000 participating organisations, and accounts for nearly 75% of London Market transactions.
Under the company’s plans solution providers including DXC, Sequel, and Eurobase, as well as others, will interact with Lloyd’s proposed API Factory through ADEPT (ACORD Data Exchange Platform & Translator).
The news has been welcomed by many in the market.
“Data standards are critical to the London Market and global markets,” said Dave Matcham, (pic) Chief Executive, International Underwriting Association. “The fact that ACORD has been able to work with both Lloyd’s and PPL so quickly to connect brokers and carriers with the Placing Platform is good news for everyone. This alignment not only makes it easier for vendors and self-builders to participate, but also protects the investment that many of our members have already made in the use of the ACORD Data Standards.”
James Livett, Associate Director, London & International Insurance Brokers Association said the need for standards was acute.
“We very much hope this will assist LIIBA members in their use of the available technologies in the most efficient way to assist them in continuing to provide the highest level of service to their clients,” he explained. “Data standards are key to the London and international markets, and ACORD offer the only truly cross-market international body to manage them. We will continue to work with ACORD to develop standards, solutions, and services which are owned and managed by the global industry.”
“Because we are owned by the industry, ACORD has a commitment to enabling efficient data exchange throughout the global insurance ecosystem,” said Chris Newman, ACORD’s Managing Director, Global. “Aligning the Lloyd’s API Factory with proven ACORD assets will allow thousands of stakeholders worldwide to seamlessly leverage existing capabilities, realising the value of digitisation and connectivity with minimal disruption.”