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ACORD - global insurance data standards. Xchanging Insurance Market Conference November 2008 Roy Laker. Agenda. The need for Standards About ACORD Implementation of ACORD Standards Testing and Certification Member Support London Office Blog. Business Concerns.

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acord global insurance data standards

ACORD- global insurance data standards

Xchanging Insurance Market Conference

November 2008

Roy Laker


The need for Standards


Implementation of ACORD Standards

Testing and Certification

Member Support

London Office Blog

business concerns
Business Concerns
  • Realising shareholder value and growth
  • Achieving greater process efficiency
  • Improving service to customer
  • Satisfying authorities
  • Accessing management and risk information
  • Managing legacy systems
  • Addressing the changing competitive landscape
clients risk managers concerns
Clients’ / Risk Managers Concerns
  • Insurance Policy
    • Speed and accuracy of insurance quotes
    • Policy issuance
  • Accuracy of understanding insurance requirements
  • Speed of claims payment
return on standards investment
Return on Standards Investment

Efficiencies as great as 80%

Project savings of 20% to 30%

Reduce integration costs from 23% of new project budgets between 14% to 20%

Ever increasingincremental cost.









Ever decreasing incremental cost.



Source: Celent 2003

acord standards
ACORD Standards
  • What
    • ACORD Insurance data, messaging and process standards
    • Set of processing rules and information that provide a standard way for communicating
  • Why
    • Standards enable an organisation to link with their trading partners to a common electronic method
  • How
    • By working with ACORD staff and members to develop and implement ACORD standards
  • When
    • Implementations happening today in London, the US and continental Europe
  • Is a member run organisation
    • a not-for-profit, global insurance standards organization
  • Members define the standards
    • With advice and guidance from ACORD staff
  • Has nearly 500 worldwide members
    • International organisation
acord worldwide members
ACORD Worldwide Members
  • >230 Insurance Carriers, Reinsurers, Agents and Brokers
  • >200 Solution Providers
  • 30 Associations
  • Membership Schemes
acord standards domains
ACORD Standards Domains

Reinsurance and Large Commercial

Life Annuity and Health

ACORD Standards Committee

Board of Directors

Property Casualty and Surety

acord standards geographical usage2
ACORD – Standards geographical usage

Property Casualty and Surety

acord standards geographical usage3
ACORD – Standards geographical usage

Reinsurance and Large Commercial

rlc goals summary
RLC Goals Summary
  • To achieve world wide implementation of mature ACORD RLC standards
    • Supporting communities of trading partners to achieve successful implementations:
      • London already has such a community
      • Activity is underway to bring together and extend European implementers into a shared community
      • Similar plans are being prepared for North American implementers
    • Ensuring effective interoperation with local national standards


  • To support the Acord Standards Framework
    • to enable enterprise level planning and management, bringing insurance into line with other industries which benefit from far greater levels of process standardisation and traceability.
  • To support the development of the ACORD Messaging Library (AML)
    • The RLC DSC continues to recommend the implementation of RLC XML for the foreseeable future
    • It recognises the longer-term, strategic value of a “cross-domain” library of messages i.e. AML




Plan for the future

the challenge the nice thing about standards is that there are so many of them to choose from

THE CHALLENGE‘The nice thing about standards is that there are so many of them to choose from’

Andrew S. Tanenbaum

lloyd s a global market





US & Canada


Central Asia

& Asia Pacific


Rest of

the World





Lloyd’s – A global market

London Market - Plans


with London Messages


Electronic documents

with London Messages


Electronic documents

with skinny RLC Messages


Electronic documents

with fuller/fat RLC Messages


london implementations
London Implementations
  • London Market standardized on the use of ACORD RLC
    • to support its market reform activity.
  • 70,000 ACORD DRI messages per week
    • handled by the Insurers’ Market Repository.
  • ACORD RLC Placing message is operational
    • between a number of key brokers and underwriters
  • Adoption of the ACORD RLC Technical Account message is underway.
    • to support premium transactions
  • Xchanging (the London market centralised back office) is introducing an “ACORD for All” service
    • enable all London Underwriters to receive ACORD RLC messages in place of London EDI message.
  • All XML messages are transmitted and received using ACORD Messaging Services
insurers market repository ecf volumes
Insurers Market Repository ECF Volumes
  • All Brokers ‘live’
  • 27 Companies ‘live’
  • 4 Companies in ‘Implementation process’
  • 5 Companies having demonstrations/in ‘start up’ mode
  • All Underwriting Syndicates Live
  • 2007 Average no of ECF claims 4000pm
  • 2008 Average no of ECF claims 14500pm
insurers market repository epa volumes
Insurers Market Repository EPA volumes
  • Currently 150 + Brokers ‘live’
  • Schedule of ‘planned’ enhancements to EPA functionality during 2008 and 2009
  • 135,623 premium transactions submitted by brokers electronically during 2007
  • 74% of volume submitted electronically 1st to 3rd Qtr 2008
  • Planned transactions by year end 98+% of volume
rlc in europe
RLC in Europe
  • Over 50,000 Accounting Messages p.a.
  • Some Claims
  • Priority is:
    • Accounting, settlement and claims (not Placing today)
    • Greater volumes
  • Brokers want:
    • More Reinsurers
    • More Insurers
  • Reinsurers want:
    • More Brokers
    • Ceding Companies
rlc in europe rueschlikon
RLC in Europe - Rueschlikon
  • Agreement signed in Vienna on 17th September 2008
  • ACORD RLC premium, claims and DRI
  • Running messages over the SWIFT network
  • Partnership between:
    • SWIFT, ACORD, Swiss Re, Munich Re, SCOR, Aon, Benfield and Willis
  • A shared industry solution for electronic data transmission
other key points
Other key Points
  • Full pricing proposal for pilot in November
  • Validation to be included after June 2009
  • Future phases include:
    • Life Reinsurance
    • Pairing
    • Other ACORD standards
    • Settlement netting
    • Risk exposure data
north america
North America
  • USA
    • XML is the Standard in the US
      • Moving away from EDI but still being supported
    • E-Reinsure over 500,000 Placing messages to date
    • Need to increase the number of Reinsurance implementers and add Ceding companies as message senders
  • Bermuda
    • Placing starting to happen from London
    • Accounting implementations
  • Canada
    • Examining the use of claim movement message for advices and implementing accounting messages
  • ACORD RLC XML standard is mature
  • ACORD RLC standards are a proven solution
    • driving benefits today
  • Vendor partners have matured
    • significantly reduced the barriers to entry
    • reduced the ongoing operational costs
  • Focus is on implementation with more trading partners


  • Lower Cost
  • Automated Workflow
  • Integrated Systems
  • Reduce Errors
  • Less Translation
  • Better Service
  • More Consistency
  • Higher Quality
  • More Transparency
  • Speed to Market
  • Ease of Doing Business
exposures and binders
Exposures and binders
  • ACORD working group re-validating 2003 Property standard
    • Will also promote usage
  • Verification of Exposure data this year
  • Some pilots of binders this year
  • Lloyd’s franchise also considering ACORD standard as part of regulation

Test first with ACORD Testing and Certification Facility (TCF)



  • Connectivity
  • Security
  • Standards compliance

And get trouble-free implementation with partners…



testing certification
Testing & Certification
  • Over 7,000 messages sent/received
  • All London initiatives supported:
    • ECF / A&S repository
    • ELPAN2 / EBOT
    • Electronic Placing (direct and via hubs)
  • DRI Large Files (20mb+) now supported
    • 1.2Gb files transferred in testing
    • Increasing demand from clients; implementors encouraged to support ASAP.
  • Digital Signature testing supported
  • Why struggle with counter-parties?
    • TCF provides a neutral, authoritative overview which proves your system’s capabilities
    • Proven to reduce mean time between bug fixes
    • Avoids you performing diagnostic work / consultancy for your competitors
acord update
ACORD Update
  • London Office Blog


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Mincing Lane

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+44 207 617 6400

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