Acord releases standards for electronic placing

Acord has announced the expansion of its Global Reinsurance & Large Commercial data standards, to include new standards for electronic placing.

“The Acord GRLC Standards have supported the placing process for some time, but this represents a new era of data exchange,” said Chris Newman, managing director, global, Acord. “By providing the tools to adopt standardised ePlacing, these new standards will enable greater levels of digitisation and modernisation for the re/insurance community.”

The ePlacing Standards were developed in close collaboration with the Ruschlikon reinsurance community, as part of the shared goal of enabling smart end-to-end processing across the re/insurance value chain. Current members of the Ruschlikon ePlacing Steering Committee include Aon, Guy Carpenter, Hannover Re, Lloyd’s, Munich Re, PartnerRe, SCOR, Swiss Re and Willis Towers Watson.

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