ACORD, the global standards-setting organisation for the insurance sector, has announced the creation of the ACORD Inter-Association Advisory Council (IAAC).
The organisation describes the council as a coalition of major North American property and casualty associations representing independent agents, brokers and intermediaries across the distribution chain.
ACORD stated that the initiative is designed to enhance digital communication and improve market efficiency by supporting consistent, high-quality and standardised data across the industry.
The company reported that the inaugural meeting on 4 May brought together participants from AUGIE Group, the Council of Insurance Agents & Brokers, the Centre for Study of Insurance Operations, the Independent Insurance Agents & Brokers of America and its Agents Council for Technology, the Professional Insurance Agents, and the Wholesale & Specialty Insurance Association.
ACORD explained that it was originally established to improve communication between agents, brokers and carriers, and has since evolved over more than five decades into a globally recognised standards development organisation. It added that its electronic data standards, forms and related frameworks have supported millions of transactions and enabled real-time data exchange, contributing to ongoing digital transformation across the insurance market.
Malou Soriano, SVP & Global Chief Officer of Education, Consulting & Advocacy at ACORD, commented: “The insurance industry runs on data, and its effectiveness depends on the quality and speed of data flowing between stakeholders. Coordination between ACORD and the distributor community is critical to ensure data standards are developed, maintained, and integrated in the most efficient way possible. We are proud to partner with the leading distributor organisations in a step forward to advance digital data exchange and deliver coordinated guidance and frameworks to address the industry’s operational challenges.”
The company stated that representatives from across the distribution community welcomed the formation of the IAAC and stressed the importance of ensuring standards reflect practical industry needs.
Keith Savino, CEO US of Emergence Insurance and Chairperson of AUGIE Group, added: “Standards deliver the most value when they reflect the needs of the insurance community. The IAAC creates a much-needed, unified voice for agents, brokers, and intermediaries to help shape data standards that improve efficiency and enable meaningful digital progress across the P&C market.”
ACORD indicated that the IAAC will support its strategic priorities across both established and emerging data, as well as forms and standards used throughout the distribution channel. The organisation said the council will consider key issues including data stewardship, governance relating to artificial intelligence, and consistency in US data rights, while also providing coordinated industry input on shared operational challenges.
ACORD added that the IAAC will work to identify emerging and high-growth areas where standardised data exchange can deliver greater value, while also examining questions around data sovereignty and usage rights. The organisation noted that the council will contribute to industry education and thought leadership on developments shaping the sector, including artificial intelligence, data stewardship and evolving lines of business.
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