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ACORD and Lloyd’s in new processing standards partnership

19th March 2018 - Author: Matt Sheehan

ACORD, the re/insurance industry data standards body, has announced that Lloyd’s coverholders and MGAs are now eligible to access ACORD Delegated Authority Standards, information, training and other valuable resources.

ACORDLloyd’s coverholders can now benefit from access to ACORD Standards for Delegated Authority Insurance Transactions and a platform to collaborate on the Delegated Authority Standards, as well as implementation guides and support.

Additionally, the partnership will provide access to Testing and Certification platforms and services, and will offer coverholders discounted or complimentary access to a variety of other ACORD services, such as ACORD Solutions Group (ASG) Implementation services, research studies and white papers, events, training and education.

Malou August, Vice President of Standards and Membership of ACORD, said: “The global insurance industry is evolving beyond the inefficient and time-consuming task of manual reporting and ACORD is at the forefront of this evolution.”

She added: “Many industry stakeholders have already embraced the benefits of standards-driven automation and discovered how much it improves their business. As an industry-owned organization, it’s important to us to support new innovations and solutions to meet the needs of our members.”

ACORD will continue to support the London Market Target Operating Model (TOM) following this latest announcement.

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