Global: New global advisory council to drive industry-wide collaboration and digitalisation
Source: Middle East Insurance Review | Mar 2024
The Association for Cooperative Operations Research and Development (ACORD), the standards-setting body for the global insurance industry, last month announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC).
The ACORD Global Advisory Council was created to further enhance and expand collaboration among industry stakeholders, with the goal of driving the benefits of standardised data exchange in leading and emerging insurance market hubs worldwide.
By ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets, the GAC will play a central role in increasing efficiencies and digital readiness among all stakeholders.
The GAC members represent the interests of (re)insurers, brokers and other insurance stakeholders across various geographies, including Bermuda, Singapore, Dubai, Europe and North America. Founding member organisations include: ACORD, Lloyd’s of London, International Underwriting Association of London (IUA), Association of Bermuda Insurers & Reinsurers, Singapore Reinsurers’ Association, Dubai International Financial Centre (DIFC) Insurance Association and the Ruschlikon Initiative.
IU chief executive Dave Matcham will chair the council.
The founding of the ACORD Global Advisory Council follows several milestone successes in global insurance industry digitalisation, such as the full alignment of the core data record and other aspects of Lloyd’s Blueprint Two modernisation programme with ACORD standards. M