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Eurobase partners with ACORD to aid data standardisation

[fa icon="calendar"] Dec 17, 2019 12:00:00 PM / by Kathryn Ellis

Global Software Provider become a Licensed Integrator Partner (LIP) with a formal mechanism to drive ACORD Standards adoption.

LONDON, UK, DATE: 17th December 2019 – Global software and service provider Eurobase announced today that it has become a Licensed Integrator Partner of ACORD Solutions Group, enabling it to maximise the value of leveraging ACORD assets and services for its customers.

By ensuring the delivery of messaging data in a secure, standardised format, Eurobase will enable consistent Straight Through Processing for its customers, as well as interfacing with key London Market initiatives such as PPL and Whitespace.

“Digital messaging and data standardisation are key to delivering greater operational efficiency. ACORD is recognised as providing the preferred electronic data standards across the (Re)Insurance industry and we are pleased to be extending our long-standing relationship with them through this partnership,” said Joe Locke, CEO Insurance & Banking Solutions at Eurobase.

ACORD Data Standards are widely used throughout the insurance industry, with ACORD members accounting for half of global gross written premiums. ACORD’s industry-owned iConductor operationalises these Standards to create a comprehensive global messaging and data service, which aligns individual messages with industry processes to centralise and simplify workflow.

“Eurobase has a truly global footprint, providing a valuable perspective on industry trends,” said Chris Newman, ACORD’s Managing Director, Global. “They see a growing demand for data standardisation in emerging markets and geographies, and an awareness that standards are paramount to ensuring the integrity of customers’ data. That’s where we can provide value.”

Eurobase customers who will be served through this partnership are primarily members of the Ruschlikon initiative, a community dedicated to implementing ACORD Standards for reinsurance transactions.

“ACORD and its members have been reducing barriers to data exchange for 50 years,” Newman continued. “ACORD iConductor was created as a ‘universal adaptor’ to manage, convert, and transport data in various formats. It was built on behalf of the industry, allowing them to capitalise on improved data quality, cost savings, and other benefits of standardisation.”

For more information, see https://www.eurobase.com/large-commmercial-london-market and www.acordsolutions.com/iConductor.

 

Topics: Insurance, London Market, data, ACORD, Digitalisation, Operational Efficiency

Kathryn Ellis

Written by Kathryn Ellis


 

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