The Dubai International Financial Centre Insurance Association (DIFCIA), an association comprised of the whole insurance, reinsurance, and wealth management sectors within the DIFC and wider insurance related services, has announced a reciprocal membership with ACORD, the standards-setting body for the global insurance industry.
Founded as a member of the ACORD Global Advisory Council (GAC), the DIFCIA plays a critical role towards representing insurance professionals across the Middle East, including agencies, brokers, consultancies, and more.
From what we understand, this reciprocal membership facilitates enhanced interaction with industry peers, contributing to the development of ACORD Data Standards, as well as promoting greater efficiency and effectiveness for its members both regionally and globally.
As well as this, the partnership also enables strategic collaborations between the two organisations, ultimately furthering their mutual goals of advancing digital transformation across the insurance sector.
The partnership was announced at the second meeting of the ACORD Global Advisory Council (GAC), which was hosted by the DIFCIA at their offices in Dubai.
GAC Chair Dave Matcham, Chief Executive, International Underwriting Association of London (IUA), commented: “On behalf of the ACORD Global Advisory Council, I’d like to thank the DIFCIA for their ongoing contributions to the group. It’s clear that forward-thinking insurance organizations in Dubai, as in other global hubs, are keen to experience the benefits of global data standards as they look to transform their markets.”
Chris Newman, President International, ACORD, said: “As ACORD continues its work increasing efficiencies for global data exchange, it is a pleasure to have the ongoing leadership and representation of the DIFC Insurance Association. Our reciprocal membership with the DIFCIA allows our organizations to serve our community even more effectively, as we continue driving digitalization across new geographies and stakeholders.”
