TransRe to utilize ACORD's new AI models for improved data exchange

TransRe to utilize ACORD’s new AI models for improved data exchange | Insurance Business New Zealand

Reinsurance

TransRe to utilize ACORD’s new AI models for improved data exchange

Integration will enable the reinsurer to receive GRLC messages from brokers and cedents

Reinsurance

By
Kenneth Araullo

ACORD Solutions Group has announced that TransRe, a global reinsurer, will be integrating new artificial intelligence (AI) models into its operations through the ACORD Data Exchange Platform and Translator (ADEPT).

These AI models, designed to recognize various broker and cedent accounting and claim document formats, are a part of ADEPT’s extensive library, which includes over 50 AI models aimed at supporting the digitization of data within the re/insurance industry.

ADEPT is a platform that facilitates real-time data exchange between digitally and non-digitally enabled trading partners in the re/insurance sector. TransRe plans to utilize these AI models in conjunction with the ACORD Transcriber data extraction service. This integration will enable TransRe to receive ACORD Global Reinsurance and Large Commercial (GRLC) messages from brokers and cedents who are not digitally enabled.

TransRe first adopted ADEPT in 2021 as a means to streamline and automate its manual document processes. The platform has enabled the company to convert non-standardized accounting and claim documents into validated ACORD GRLC messages, which are then incorporated into TransRe’s proprietary reinsurance system, the TransRe International Reinsurance System (TIRS).

“Implementing ADEPT and integrating it into TIRS has allowed us to automate previously manual document processes and improved the accuracy and interoperability of our data,” TransRe CIO and EVP George Di Martino said.

“In an increasingly digital ecosystem, it is imperative that stakeholders are equipped with innovative capabilities that help them connect and keep up with the accelerating pace of change in the industry. Through these new AI models, TransRe’s latest implementation of ADEPT will help drive greater efficiencies for its clients across the global insurance industry,” ACORD global managing director and EVP Chris Newman said.

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