ACORD has launched its next generation Global Reinsurance and Large Commercial Standards, providing an updated, global, digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the re/insurance ecosystem.
ACORD GRLC Gen 2 Standards are designed to offer insurers, brokers and service providers a unified set of digital data standards from placing to binding, and from claims through to settlement.
“As the global industry faces an unprecedented rate of change, our members have expressed an even greater demand for digitalisation and interoperability. We are witnessing some incredible success stories of members digitising their enterprises and trading partnerships, and enjoying material efficiency gains over their non-digital peers,” said Chris Newman, president, international, ACORD. “There is a golden opportunity to extend the benefits of standardised data exchange across all stakeholders and throughout the insurance lifecycle.”
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