ACORD, the global insurance industry standard-setting body, has announced the formation and inaugural meeting of the ACORD Global Advisory Council (GAC). The Singapore Reinsurers Association (SRA) is a founding member of the new council.
ACORD said in a statement that GAC was established to strengthen and expand cooperation between key industry players and advance the benefits of standardized data exchange in major and emerging insurance market hubs around the world. ing.
By ensuring ACORD’s global efforts are aligned with the needs and objectives of the ACORD member community and accelerating the adoption of ACORD data standards in key markets, GAC will improve efficiency and digital readiness for all stakeholders. plays a central role in
““Building on the success of the ACORD London Advisory Board, which represents major organizations in the London market, our members wanted to foster further collaboration in other major insurance markets around the world,” said EVP of ACORD. Chris Newman, Global Managing Director, said: “Aligning specific regional market requirements and priorities with ACORD’s global standards is the basis for data-driven digitization and efficient communication between global stakeholders.”
GAC members represent the interests of (re)insurers, brokers and other insurance stakeholders across a variety of geographies, including Bermuda, Singapore, Dubai, Europe and North America. Apart from the SRA, founding member organizations include:
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accord
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Lloyd’s of London
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London International Underwriting Association (IUA)
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Bermuda Association of Insurers and Reinsurers (ABIR)
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Dubai International Financial Center (DIFC) Insurance Institute
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L’Sulicon Initiative
IUA CEO Dave Matcham, who chairs the council, said: “As the pace of digital transformation in the industry accelerates, the establishment of the ACORD Global Advisory Council is a great opportunity to collaborate and collaborate across key insurance markets around the world. “This is a timely and important step towards strengthening the country.” .
““In an increasingly interconnected insurance ecosystem, the continued adoption and utilization of data standards is a prerequisite for efficient and effective digital processes,” said Bill Pieroni, President and CEO of ACORD. Masu.
“The ACORD Global Advisory Council plays a key role in promoting digital data exchange and connecting stakeholders in both established and emerging markets. “The voices of GAC’s partners will prove invaluable in helping ACORD meet the evolving needs of the global insurance community,” he said.
ACORD (Association for Cooperative Operations Research and Development) promotes fast, accurate data exchange and efficient workflow through the development of electronic standards, standardized forms, and tools that support their use.
ACORD has offices in New York and London.