Acord has partnered with DataPro to produce software aimed at streamlining data standards implementation. DataPro provides solutions for insurance broking within the London Market including quotations, risk placements, binding, endorsements and claims.
Managing director of Acord, Chris Newman, said: “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market. As well as helping to achieve cost savings related to shorter processing times and decreased error rates, they also enable the opening and acceleration of new channels and markets.
“However, we know that our membership community faces challenges in integrating legacy systems and new solutions, which means that they are not able to fully leverage the benefits that using Acord Standards can deliver. By building industry-owned assets and a community between our members, Acord can help businesses to achieve greater automation of services and solutions, enabling straight-through processing of data across the insurance value chain. This is a vital step in ensuring that businesses can gain the benefits of the fast-paced digital landscape.”
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