ACORD, the international standards-setting body for the insurance sector, has announced the release of Version 1.0 of its new digital standards for insurance data exchange.
Developed in partnership with various industry organisations, the standards aim to enable omnichannel information exchange across any technology interfaces.
ACORD explained that they will support data transfer mechanisms such as microservices and RESTful APIs, which can be used for customer-facing mobile apps, the Internet of Things, distributed ledgers, and other technologies
“Change in the global insurance ecosystem is accelerating,” said ACORD CEO Bill Pieroni. “Embracing streamlined data exchange will allow insurance stakeholders to leverage new and emerging technologies to benefit themselves, trading partners, and insureds.”
ACORD has facilitated the development of standardised forms, data messaging, and other assets since 1970 in partnership with its members, which include insurers, brokers, agents, and solution providers.
The ACORD Next-Generation Digital Standards were developed with contributions from members including AIG, The Hartford, W.R. Berkley, the Ruschlikon reinsurance community, and several InsurTech providers.
“For 50 years, ACORD has been bringing insurance stakeholders together to improve information exchange and drive efficiency for the industry,” Pieroni added.
“Our deep industry knowledge and partnerships, along with our work on leading digital solutions, uniquely position us to address our community’s needs.”