ACORD has announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC), which is set to drive industry-wide collaboration and digitalisation.
The GAC members represent the interests of (re)insurers, brokers, and other insurance stakeholders across various geographies.
Founding member organisations include ACORD, Lloyd’s of London, International Underwriting Association of London (IUA), Association of Bermuda Insurers & Reinsurers (ABIR), Singapore Reinsurers’ Association (SRA), Dubai International Financial Centre (DIFC) Insurance Association, and The Ruschlikon Initiative.
As per ACORD, by ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets, the GAC will play a central role in increasing efficiencies and digital readiness among all industry stakeholders.
Chris Newman, EVP & Global Managing Director, ACORD, commented, “Building on the success of the ACORD London Advisory Board, representing key London Market organisations, our membership wanted to drive greater collaboration in other major insurance markets around the world.
“Aligning specific regional market requirements and priorities with ACORD’s global standards is the foundation of data-driven digitalisation and efficient communication between global stakeholders.”
Dave Matcham, Chief Executive of the IUA, who will chair the Council, said, “With the accelerating pace of digital transformation in our industry, the formation of the ACORD Global Advisory Council is a timely and significant step towards increasing collaboration and alignment within leading insurance markets around the world.”
“I look forward to working alongside ACORD and our global peers to drive essential progress across the insurance ecosystem.”
ACORD stated that the founding of its GAC follows several milestone successes in global insurance industry digitalisation, such as the full alignment of the Core Data Record (CDR) and other key aspects of Lloyd’s Blueprint Two modernisation programme with ACORD Standards.
Bill Pieroni, President & CEO, ACORD, said, “In an increasingly interconnected insurance ecosystem, the ongoing adoption and leverage of data standards is a prerequisite for efficient, effective digital processes.
“The ACORD Global Advisory Council will play a key role in advancing digital data exchange and connecting stakeholders across both established and emerging markets. The voices of our partners on the GAC will prove invaluable in helping ACORD to meet the evolving needs of the global insurance community.”
