ACORD (Association for Cooperative Operations Research and Development) recently launched a new advisory council that joins leading insurance distribution groups in a bid to improve data standards and accelerate digital communication across the P&C insurance market.
The newly formed ACORD Inter-Association Advisory Council (IAAC) includes representatives from the Council of Insurance Agents & Brokers (CIAB), Independent Insurance Agents & Brokers of America (IIABA), PIA National, the Wholesale & Specialty Insurance Association (WSIA), the Centre for Study of Insurance Operations, and from AUGIE Group. Leaders from the organizations met May 4 for the council's inaugural session.
The group's primary goal is to ensure insurance data standards better reflect the operational needs of agents, brokers and intermediaries, while improving efficiency and consistency across the distribution channel.
"The insurance industry runs on data, and its effectiveness depends on the quality and speed of data flowing between stakeholders," Malou Soriano, ACORD's senior vice president and global chief officer of education, consulting and advocacy, said in a press release. She added that closer coordination between standards developers and distributors is critical to addressing operational challenges and enabling more seamless data exchange.
Industry leaders say the council fills a long-standing gap by creating a unified voice for the distribution community in shaping standards. "Standards deliver the most value when they reflect the needs of the insurance community," said Keith Savino, CEO U.S. of Emergence Insurance and chair of AUGIE Group.
The IAAC will advise on both existing and emerging standards, with a focus on issues such as data stewardship, artificial intelligence governance and consistency in U.S. data rights. The council will also identify high-growth areas where standardized data exchange could deliver the greatest value and provide input on evolving business lines and technology trends.
Founded in 1970, ACORD has played a central role in developing standardized forms and data frameworks used across the global insurance industry, supporting millions of transactions annually. The organization works with more than 36,000 participating entities worldwide.
Officials said the new council is intended to strengthen collaboration between standards bodies and frontline market participants as insurers and distributors continue to modernize operations and adopt new technologies.
(Featured image credit: jirsak via Adobe Stock)
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