Artificial has joined ACORD Solutions Group’s Licensed Integrator Partner program. As part of this new partnership, we will be able to harness core market data standards along with ADEPT (ACORD Data Exchange Platform and Translator) for Global Reinsurance and Large Commercial. This provides us with eMessaging capabilities for placing, accounting and claims data exchange in the London Market and across the global insurance community.
We spoke to Artificial's Head of Business Development, Tim Bates, to find out what this means for the Artificial platform and our clients.
What does it mean to join ACORD?
This is great news - it means we now get access to all the data standards and IP that have been entrusted to ACORD over the years and will continue to be built upon going forward. It also gives us the ability to attend events and collaborate with peers who are also part of the network.
Why did Artificial join the group?
We have always been advocates of data standards for the insurance market and have been engaged with ACORD for a long time. Given recent news around Lloyd's CDR it's clear that ACORD will be a key part of those standards going forwards so we wanted to join to allow for a close alignment to market standards.
It also gives us an opportunity to collaborate with ACORD and the other organisations that are part of this massive group to try and progress further standards and adoption.
What does this mean for the Artificial platform?
We want our platform to be closely aligned to Blueprint 2, and data standards and API connectivity appear to be central to that. This is something we really support and want to be in the best position to adopt at the earliest opportunity.
We will now look to embark on a journey of understanding what ACORD has available, where and how those standards are used now and thus where we will look to prioritise initial adoption.
We will also look at their wider capabilities and use that to inform our product roadmap going forwards. We want to be connected to everyone, so hopefully ACORD is able to support us in achieving that goal.
What can Artificial clients expect?
Several things: a more informed view on what data is 'core' to the underwriting process; greater direction on what data to record and when to record it; quicker compliance with market and regulatory compliance, and easier integration to other market participants. Overall, this amounts to a more 'out of the box' connectivity to the market.
To find out more about the Artificial platform, get in touch.