The board has been set up to help industry gain maximum value from data exchange
ACORD – the global data standards-setting body for the insurance industry has announced the formation and inaugural meeting of the ACORD London Advisory Board.
It has been established to align London Market initiatives with the global ACORD Data Standards. As well as making sure that the insurance industry gets maximum value from data exchange.
It will meet in London on a quarterly basis and includes senior representatives from the major London Market associations and the broker and carrier community.
This is to increase adoption and leverage of ACORD assets, and to strengthen the impact and relevance of ACORD to its members’ interests, it said.
Chris Newman, ACORD’s managing director - global, said: “With over 36,000 participating organisations throughout the global ecosystem, ACORD is in a key position to facilitate the strategic alignment of the London market with the rest of the world.
“This group will play a key role in advising where ACORD deploys future resources and what data-enabling services and assets we create as a not-for-profit, totally industry-owned body. This will ensure that modernisation efforts are maximised and not completed in isolation.”
On the board
Several Advisory Board members have commented on the advisory boards founding.
Patrick Molineux, chair of the ACORD London Advisory Board and managing director at London Insurance Market Operations & Strategic Sourcing, said: “Many of the London Market’s modernisation initiatives of recent years use ACORD Standards, and a strong partnership between the London Market and ACORD can make an important contribution to continued modernisation through the standardised, digital exchange of structured insurance data.
“As the initial chair of the newly formed board, LIMOSS, like ACORD a not-for-profit body owned by the industry, will be looking to lead effective collaboration between the various stakeholders to ensure that ACORD’s priorities align with the London Market’s leadership in the global commercial (re-)insurance industry.”
Meanwhile James Livett, associate director, London & International Insurance Brokers’ Association, said: “I am proud to represent LIIBA and its members on the ACORD London Advisory board. The board represents a positive and timely step in bringing together the London Market to create a real consensus on the structure and usage of data standards in London and further afield.
“LIIBA look forward to collaborating with the other London Market Associations to aid ACORD in the structuring of its activities and services to aid the London Market”
Peter Holdstock, senior executive, market operations and business process, Lloyd’s Market Association, added: “We are pleased to represent the views of our members, the Lloyd’s carriers, on the new ACORD Advisory Board.
“The success of the Future at Lloyd’s journey to transition to a digitally enabled market will largely depend on the market’s ability to agree on and adopt established and, where necessary, new fit-for-purpose data standards. We welcome the opportunity to help make that happen.”
Positive step
Other board members also spoke well of the its establishment.
Richard Brame, senior director, Willis Towers Watson, said that as chair of the Ruschlikon UK Implementation Group he sees the importance of ACORD Standards and Services in supporting Insurance Market modernisation and digitisation; certainly, the ACORD messages and best practices sit at the heart of the success of Ruschlikon. Working for a major global Insurance Broker I see the real benefit of global standards and the alignment of ACORD global initiatives with the London Market.”
He added that the board’s formation is a “positive step” with making sure ACORD remains visible and connected to the London Market as well as enhancing its existing relationships.
Louise Day, director of operations, International Underwriting Association, added: “The ACORD London Advisory Board could not have been inaugurated at a more appropriate time.”
She said this was because the market is continuing on a digital path to enabled trading, as well as being well placed to get behind Lloyd’s to support them with the Future at Lloyd’s programme.
“Through this Board, the IUA will firmly encourage and foster the use of appropriate existing standards and services to make the transition from paper to digital transacting as smooth as possible,” she concluded.
“The ACORD London Advisory Board could not have been inaugurated at a more appropriate time. As the market continues on the path to digitally enabled trading, this coincides nicely with ACORD’s recently announced Next-Generation Digital Standards, and its suite of Services. The Board has strong representation from market organisations and associations as well as Lloyd’s, and is well placed to get behind Lloyd’s to support them with the Future at Lloyd’s programme. Through this Board, the IUA will firmly encourage and foster the use of appropriate existing standards and services to make the transition from paper to digital transacting as smooth as possible.” - Louise Day, Director of Operations, International Underwriting Association
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