ACORD Solutions Group, an extension of ACORD, the standards-setting body for the global insurance industry, has partnered with insurance technology provider Ping to create a Property statement of values (SOVs) extraction and global exposure technology solution for carriers, MGAs and brokers.
The partnership leverages Ping’s SOV ingestion technology with ACORD Transcriber’s data extraction and population AI models to process all ACORD Forms, including SOVs 140 and 125s, exchanged in the US property and casualty industry.
With this integration, property underwriters can seamlessly extract statements of values (SOVs) and automatically feed them into catastrophe models like RMS and AIR.
The intuitive user interface displays the visualized output, allowing for quick and easy analysis, ACORD explains. This integration replaces complex and time-consuming manual processes, completing the entire workflow in seconds.
“This strategic partnership with ACORD Solutions Group enhances our ability to deliver comprehensive straight-through processing for our clients,” said Stuart Mercer, CEO of Ping.
He continued: “By integrating our advanced data ingestion and data-driven underwriting capabilities with ACORD’s standardized forms processing, we’re creating additional value for carriers, MGAs and brokers.”
Chris Newman, President International, ACORD Solutions Group, commented: “We’re pleased to partner with Ping to facilitate straight-through processing for the property market faced with complex SOV documents.
“This ongoing partnership brings together a groundbreaking solution powered by a tremendous depth of property insurance subject matter expertise across both Ping and ACORD Solutions Group. This is an exciting example where industry owned capabilities combined with innovative technology is producing transformative changes.”
