International standard-setting body for the insurance sector ACORD has announced that its subsidiary, ACORD Solutions Group has launched a new data exchange capability for reinsurance treaty contract placement through its trading platform – Acord Data Exchange Platform & Translator (ADEPT), which links trading partners to structure, validate and reconcile their data.
The treaty contract data exchange service was developed in close collaboration with a consortium of the worlds largest reinsurers and brokers.
It enables the digital exchange of treaty contract placements, which will provide a structured data exchange for Submission, Quote, Order and Signed Line processing, as well as document exchange between broker and reinsurer.
In addition, as part of its treaty contract placement service, ADEPT is also integrating to all major reinsurance placing platforms.
The ADEPT platform was launched in early 2021. It was built to help the global reinsurance community digitise a wide range of processes using ACORD Standards, simplifying the way data is shared across the insurance value chain.
In a press release, ACORD stated that ADEPT delivers “global interoperability”, by connecting trading partners, regardless of geography and existing level of data exchange maturity by integrating seamlessly with existing platforms, portals and infrastructure.
The addition of a new functional application for treaty contract placement was the result of ACORD Solutions Group’s continual collaboration with industry stakeholders to extend ADEPT’s capabilities in the most impactful areas.
The reinsurance industry currently manages all treaty contract transactions through email or individual broker portals. In both cases, reinsurers lack the ability to seamlessly integrate that data into their core systems, requiring the redundant, manual re-keying of information.
ADEPT’s REST API service layer integrates with existing systems to digitally exchange data for individual transactions, offering a flexible approach to best meet any organisations needs.
President & CEO of ACORD, Bill Pieroni, commented: “The digitisation of reinsurance processes is a challenge, due to the vast array of systems and interfaces that have accrued over time across the market.
“ADEPT was built by the industry, for the industry, to improve those processes by enhancing them with purpose-built, next-generation digital capabilities. We are thankful to the global reinsurance community for continuing to collaborate with us to solve some of the greatest technical issues facing our industry.”
