General Insurance Article - ACORD announces formation of ACORD London Advisory Board

ACORD, the global standards-setting body for the insurance industry, today announced the formation and inaugural meeting of the ACORD London Advisory Board. The ACORD London Advisory Board, which will meet in London on a quarterly basis, has been established to align London Market initiatives with the global ACORD Data Standards, to increase adoption and leverage of ACORD assets, and to strengthen the impact and relevance of ACORD to its members’ interests. It is comprised of senior representatives from the major London Market associations and the broker and carrier community.

 “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,” said Chris Newman, ACORD’s Managing Director, Global. “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.”

 “The industry increasingly understands that data standards are a key enabler of business growth, efficiency, and the freedom to focus on true sources of differentiated competitive advantage,” added ACORD President and CEO Bill Pieroni. “As ACORD celebrates its 50th anniversary, we are committed more than ever to supporting improved integration between industry stakeholders. This clear and solid support and input from the key associations in the London Market will greatly assist ACORD in fulfilling this mission.”

 Several Advisory Board members commented on its founding:

 “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.” - Patrick Molineux, Chair of the ACORD London Advisory Board and Managing Director, London Insurance Market Operations & Strategic Sourcing

 “As Chair of the Ruschlikon UK Implementation Group, I see 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. The formation of the ACORD London Advisory Board is a really positive step towards ensuring that ACORD remains visible and connected in the London Market and enhances its existing working relationships. Working with ACORD and the representatives from the London Market Associations and other brokers and carriers can only benefit us all.” - Richard Brame, Senior Director, Willis Towers Watson

 “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

 “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.” - Peter Holdstock, Senior Executive, Market Operations and Business Process, Lloyd’s Market Association

 “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.”- James Livett, Associate Director, London & International Insurance Brokers’ Association

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