ACORD, the global standards-setting body for the insurance industry, has announced the launch of ACORD iConductor, a global data-exchange service. The service operationalizes ACORD standards to transform, orchestrate, and validate all bureau and non-bureau messaging data. The service means that any part of the global insurance industry can move data more swiftly and accurately between stakeholders, ACORD said.
“For 50 years, ACORD has worked to standardize risk exchange on behalf of the global insurance ecosystem,” said Chris Newman, managing director of ACORD. Market participants are dealing with rapidly increasing volumes of data that needs to be better quality and more accessible. Yet for many stakeholders, communication is still fragmented, manual and inefficient. The market needs accelerators to help it gain cost savings and efficiencies. ACORD iConductor is a turnkey solution that helps realize these benefits by digitizing the whole insurance lifecycle to streamline, automate and eliminate inefficiencies.”
“This platform is designed and built to address the current and future scale of the insurance market, and because it’s owned and governed by the industry, its evolution will align with demand for standardized risk exchange,” said Bill Pieroni, president and CEO of ACORD. “ACORD’s continuing collaboration with all major industry associations ensures that iConductor supports evolving standards, market environments, and industry requirements. The solution delivers on our core promise of improving efficiency and effectiveness across the insurance value chain.”