ACORD reveals new global advisory council

ACORD reveals new global advisory council | Insurance Business America

Insurance News

ACORD reveals new global advisory council

The objective is to strengthen and widen partnerships within the industry

Insurance News

By
Kenneth Araullo

ACORD has inaugurated its ACORD Global Advisory Council (GAC), aiming to broaden cooperation among industry participants and focusing on the advantages of standardised data exchange.

The GAC encompasses representatives from various sectors of the insurance industry, including re/insurers, brokers, and additional stakeholders from diverse regions such as Bermuda, Singapore, Dubai, Europe, and North America.

Founding members of the council include prominent entities like Lloyd’s of London, the International Underwriting Association of London (IUA), the Association of Bermuda Insurers & Reinsurers (ABIR), the Singapore Reinsurers’ Association (SRA), the Dubai International Financial Centre (DIFC) Insurance Association, and The Ruschlikon Initiative.

Chris Newman, ACORD’s EVP & global managing director, highlighted the initiative as an extension of the successful ACORD London Advisory Board, which caters to significant organizations within the London Market.

“Aligning specific regional market requirements and priorities with ACORD’s global standards is the foundation of data-driven digitalization and efficient communication between global stakeholders,” Newman said.

Dave Matcham, chief executive of the IUA, has been appointed as the chair of the council. Matcham expressed optimism about the GAC’s potential, while Bill Pieroni, president & CEO of ACORD, also underscored the critical role of ongoing data standard adoption for efficient and effective digital processes within the interconnected insurance ecosystem.

“The ACORD Global Advisory Council will play a key role in advancing digital data exchange and connecting stakeholders across both established and emerging markets,” Pieroni said. “The voices of our partners on the GAC will prove invaluable in helping ACORD to meet the evolving needs of the global insurance community.”

What are your thoughts on this story? Please feel free to share your comments below.