Insurance standards-setting body ACORD has published a new contract, risk and pre-accounting implementation toolkit, aimed at facilitating the efficient exchange of insurance data.

The CRP Standard was developed to streamline the flow of contract information among industry stakeholders, and support modernisation initiatives in the London Market. It enables the reconciliation and validation of core contract information in advance of the first premium and claim transactions. This in turn allows for confirmation of placing conditions and account structures, helping stakeholders to detect potential inconsistencies earlier in the process and mitigate delays in processing premium and claim transactions.

Sheila Cameron, chair of the LMG’s data council and CEO of Lloyd’s Market Association, said: “The remit of the LMG’s data council has always been to digitise our market, so that information flows seamlessly from broker to underwriter, through to claims and settlement teams.

“We have done this in stages: aligning to the ACORD Standard; creating a core data record; creating a standardised contract (MRC v3) and latterly our process, roles, and responsibilities review. With that review now complete and adoption on the horizon, we are delighted to see the fruition of ACORD’s work to define the details in its new contract, risk, and pre-accounting handbook. The detailed information contained in this handbook is a crucial step forward to drive digitisation of our market, and I would like to thank ACORD for their wholehearted support and commitment to digitise the oldest insurance market in the world.”

Chris Newman, EVP & global managing director at ACORD, added: “With alignment to the core data record, the new messaging standard will better connect industry participants by enabling integration to Blueprint Two services, driving innovation, and supporting digitalisation.”

“This new standard is the result of unprecedented collaboration and mutual effort not only within the London Market, but also on a global basis, ensuring alignment with the existing robust ACORD GRLC community.”

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