Data Standard Groups Merge

London Editor


The insurance industrys two principal standards bodies–ACORD and WISe–announced last week that they will merge their standards-development activities on July 1 to create a globally focused, non-profit industry association that will develop and manage data standards “from consumer to retrocessionaire.”

While ACORD has focused its activities on standards for personal lines, life insurance and small commercial lines, WISe has concentrated on reinsurance and larger commercial lines. As a result, the merger was a natural given the synergies involved, executives from both organizations indicated during a press conference here last week to announce the merger.

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