International standard-setting body for the insurance sector ACORD has announced that its subsidiary, ACORD Solutions Group (ASG), has implemented its ADEPT platform to perform automated, real-time premium accounting reconciliation between insurers and brokers.
The platform was developed through working closely with some of the industry’s largest stakeholders, with the first data exchanged by professional services firm and broker Aon plc and carrier Zurich North America.
ADEPT offers insurers and brokers a secure, decentralised storage and access service, enabling participants to verify payment information. By structuring, translating, and validating the data in real time, ADEPT greatly reduces the time and cost of reconciliation.
ADEPT is a market capability which leverages the industry-accepted ACORD Data Standards to link trading partners with real-time data exchange, transformation, and validation.
Although extracting inefficiencies from the premium accounting process provides significant value for the trading partners, it only provides a glimpse of transformational functionality to come.
Now that a central matching mechanism for policies is created, future use-cases may include claims, placing and other critical insurance processes covering all major lines of business.
Bijesh Jacob, SVP of Technology & Standards, ACORD said: “While ACORD works closely with virtually all major brokers and carriers, we owe special gratitude to Aon and Zurich, who have been leading the way in defining and implementing this technology.
“Their contributions have been invaluable in launching an industry-wide platform to enable secure, digital data exchange and validation for brokers and carriers.”
“Thanks to the efforts of these visionary organisations, ADEPT is now in production and able to support millions of transactions. By improving operational efficiencies, strategic positioning, and customer satisfaction, ADEPT will truly transform the operating economics of our industry.”
Mark Schmalzer, Aon’s Global Service Delivery Leader noted: “The premium accounting process is a highly inefficient transactional service provided by brokers and carriers. Leveraging the Blockchain-based backbone of ADEPT will provide brokers and carriers with an industrial-strength platform to identify and resolve inconsistent transactions very early in the process.
“This industry innovation will not only drive out non-value-added cycles, but also provide clients a more seamless premium payment experience.”
Tracey Bailey, Billing Solutions Lead, Zurich North America added: “The insurance industry is experiencing unprecedented change and technology is unlocking new and efficient ways of conducting business.”
“The ACORD ADEPT solution is well aligned with Zurich’s continued efforts to improve our customer experience and broker interactions through innovation. We are proud to be on the front end of this journey with ACORD and Aon and are excited about ADEPT’s continued adoption within the insurance industry.”