A recent vote by ACORD (www.acord.org) members in Australia officially adopted the ACORD Messaging Library (AML) as the data standard for use within the Australian insurance market. “Insurance often is accused of lagging the banking industry around the efficiency of information flow. This is an important milestone to help close that gap,” says Steve Coles, CIO, Allianz, and chair of the ACORD Australian Advisory Committee. Activity to implement ACORD standards in Australia began in 2008 with the creation of that advisory committee. This led to the formation of two working groups focused on the specific needs of that market. One focused on development of a framework, architecture, and message design philosophy while the other took on business issues and forms. The first standardized AML message being implemented will be for professional indemnity content that includes quote, bind, and close transactions for new business, renewal, endorsement, and cancellation processing. “Universal data exchange, between consumer, intermediary, and product manufacturer, has been achieved with the release of the ACORD PI Australian standard,” says Robert Kelly, executive chairman, Steadfast Group Limited. “When this product is fully rolled out, it will deliver efficiency, greater choice, and a competitive environment. Australia is now part of a worldwide standard.”

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