ACORD, the international standard-setting body for the re/insurance industry, has announced the launch of a global data exchange service called ACORD iConductor.
The service is designed to operationalise the industry-backed ACORD Standards to transform, orchestrate and validate all bureau and non-bureau messaging data.
Using APIs and new digital technology, it should enable re/insurers to move data quicker and more accurately between stakeholders.
“For 50 years, ACORD has worked to standardize risk exchange on behalf of the global insurance ecosystem,” said Chris Newman, Managing Director of ACORD.
“Market participants are dealing with rapidly increasing volumes of data that needs to be better quality and more accessible. Yet, for many stakeholders, communication is still fragmented, manual, and inefficient,” he continued.
“The market needs accelerators to help it gain cost savings and efficiencies. ACORD iConductor is a turn-key solution that helps realise these benefits by digitizing the whole insurance lifecycle to streamline, automate, and eliminate inefficiencies.”
ACORD iConductor will process traditional message types from structured and unstructured data formats such as Electronic Claims Files and Accounting & Settlement, as well as next-generation messages like Electronic Placing, Electronic Technical & Financial Accounts and Electronic Claims Movements.
“This platform is designed and built to address the current and future scale of the insurance market, and because it’s owned and governed by the industry, its evolution will align with demand for standardized risk exchange,” said Bill Pieroni, President and Chief Executive Officer of ACORD.
“ACORD’s continuing collaboration with all major industry associations ensures that iConductor supports evolving standards, market environments, and industry requirements,” Pieroni added.
“The solution delivers on our core promise of improving efficiency and effectiveness across the insurance value chain.”