ACORD Solutions Group, a provider of advanced digital solutions for the global insurance sector, has introduced a placing data exchange capability within its ADEPT platform.
This one-to-many interface serves as a universal hub, enabling insurers and brokers around the world to exchange placing data seamlessly. It integrates with major placing platforms and various downstream systems.
With ADEPT Placing, insurers and brokers can instantly connect using a direct, user-friendly interface compatible with leading platforms such as PPL, Whitespace, PlacingHub, and proprietary systems like Aon’s ABConnect and Guy Carpenter’s GC Marketplace.
The ADEPT (ACORD Data Exchange Platform and Translator) system is already utilised by over 100 ACORD Solutions Group clients and partners to efficiently handle accounting and claims data in line with ACORD GRLC (Global Reinsurance & Large Commercial) Data Standards.
ADEPT Placing is designed to enhance connectivity, offering a single streamlined solution that eliminates the need for costly, inefficient development of separate connections for each platform with varying, non-standardised APIs. Insurers will benefit from a centralised “letterbox” for managing placing transactions from all broker partners, regardless of the platform used.
“We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity,” added Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee.
“With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment.”
ADEPT Placing provides insurers with a streamlined one-to-many system to receive placing event data, from initial quotation to signed line advice.
This approach minimises the need for multiple integrations and time-consuming data mapping. Fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, the platform ensures insurers can work with a consistent data format across all broker placing portals.
Brokers also gain significant advantages from ADEPT Placing. The system offers a single ACORD GRLC-compliant interface, enabling standardised data exchange across various placing platforms. This simplifies reconciliation processes and enhances efficiency, making data sharing quicker and more straightforward for all parties involved.
“This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population,” Squires continued.
“The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries.”
ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organisations at all levels of digital maturity.
If placing data is received via email rather than digital data transfer, ADEPT will utilise ACORD Transcriber’s comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardised digital data payload.
“Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs,” commented Chris Newman, President International, ACORD Solutions Group.
“Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints.”
“With the global ecosystem digitalising at an accelerating rate, it’s time to tackle placing as the next digital frontier,” further added Newman.
“With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimise the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardisation from front to back office.”
