AIR Worldwide Corporation has announced it is supporting the new ACORD binding authority exposure data standard (ER3001) in its catastrophe modeling software. ACORD, a global standards development organization serving the insurance industry, is seeking to facilitate the development of open data standards and standard forms.

Binding authority agreements give managing general agents the authority to write business on behalf of Lloyd's syndicates. Lloyd's encourages U.S. property underwriters and brokers to use the ACORD standard property reporting template when reporting information regarding the risks that have been bound. By standardizing the reporting format, it will help remove the need to spend time and money cleansing and reformatting information.

"ACORD standards make it easier to keep Lloyd's underwriters up-to-date with details of the risks they have written," says Roy Laker, vice president, ACORD London office. "We commend AIR for its support of this data format as it serves as a common communication method for use by multiple parties, thereby increasing the efficiency of the entire industry."

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