ACORD releases new CRP implementation toolkit for data exchange
ACORD releases new CRP implementation toolkit for data exchange | Insurance Business Canada
Insurance News
ACORD releases new CRP implementation toolkit for data exchange
This new standard also defines stakeholder interaction across the London Market
Insurance News
By
Kenneth Araullo
Insurance standard-setter ACORD has announced the release of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) implementation toolkit, a new data messaging standard aimed at facilitating the efficient exchange of insurance data.
The CRP Standard was developed to simplify the flow of contract information among stakeholders in the industry and support modernisation efforts in the London Market. It received formal approval from the ACORD Global Reinsurance & Large Commercial Program Advisory Council in late August.
The new standard allows for the reconciliation and validation of essential contract information before the first premium and claim transactions. Thus, it enables stakeholders to confirm placing conditions and account structures, helping to identify potential inconsistencies earlier in the process and reduce delays in processing premium and claim transactions.
The ACORD CRP Standard is an integral part of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards and is fully aligned with the Core Data Record (CDR) v3.2. The CDR, established by the London Market Group (LMG) Data Council, is a comprehensive dataset of elements needed to drive downstream processes.
In a fully digital market for open market placement, this alignment will allow users to submit the CDR dataset to the digital gateway from the London Market Joint Ventures, facilitating premium processing, simplified first notification of loss validations, and Lloyd’s tax and regulatory reporting.
Additionally, the CRP Standard defines how stakeholders will develop and implement new systems to interact with participants across the London Market. The publication of the Implementation Toolkit was identified as a crucial Blueprint Two milestone earlier this year by the LMG, marking “a trilogy of important documents” along with the PRR Final Recommendations (July) and the Good Practice Guide (September-October).
“The new GRLC CRP Standard optimises data accuracy, increases efficiencies, and streamlines data exchange and processing at a key stage in the insurance process,” ACORD EVP and global managing director Chirs Newman said. “With alignment to the Core Data Record, the new messaging standard will better connect industry participants by enabling integration to Blueprint Two services, driving innovation, and supporting digitalisation.”
“This new Standard is the result of unprecedented collaboration and mutual effort not only within the London Market, but also on a global basis, ensuring alignment with the existing robust ACORD GRLC community,” Newman said. “The ongoing collaboration of our industry partners will be essential as we continue to advance the market towards a digital-first future.”
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