NEW YORK and LONDON, Nov. 20, 2024 /PRNewswire/ -- ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, today announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing platforms as well as a variety of downstream systems.
Insurers and brokers can immediately leverage ADEPT Placing with its easily accessible and ready-to-use direct interface that connects with major platforms including PPL, Whitespace, PlacingHub, and market firm-owned platforms such as Aon's ABConnect and Guy Carpenter's GC Marketplace.
ADEPT (ACORD Data Exchange Platform and Translator) is already in use by over 100 ACORD Solutions Group clients and partners to seamlessly exchange accounting and claims data, aligned with the ACORD GRLC (Global Reinsurance & Large Commercial) Data Standards. ADEPT Placing was built to increase interoperability, provide a single streamlined connection for placing data, and help insurers and brokers avoid the expensive and inefficient processes of building connections to multiple platforms with differing sets of non-standardized APIs. With ADEPT Placing, insurers will have a single "letterbox" for all of their broker partners' placing transactions, regardless of the brokers' chosen placing platform.
"We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity," said Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee. "With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment."
ADEPT Placing gives insurers a one-to-many system to receive placing event data from quotation through to signed line advice information, reducing the need for multiple integrations and time-intensive mapping. It is fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, giving insurers one consistent data format to use with all broker placing portals. ADEPT Placing also benefits brokers by providing a single ACORD GRLC-compliant interface to exchange standardized data with various placing platforms, for quicker and easier reconciliation.
"This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population," Squires continued. "The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries."
ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organizations at all levels of digital maturity. If placing data is received via email rather than digital data transfer, ADEPT will utilize ACORD Transcriber's comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardized digital data payload.
"Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs," said Chris Newman, President International, ACORD Solutions Group. "Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints."
"With the global ecosystem digitalizing at an accelerating rate, it's time to tackle placing as the next digital frontier," added Newman. "With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimize the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardization from front to back office."
More information about ADEPT and the future of placing will be available at the upcoming ACORD Solutions Group Horizons event, "A Placing Revolution" on Tuesday, November 26, featuring speakers from ACORD Solutions Group, AXA XL, and Marsh. Register to attend virtually or in-person to learn more about ADEPT's capabilities and see it in action with live demos focused on both insurers and brokers.
About ACORD Solutions Group
ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. Learn more at www.acordsolutions.com.
CONTACT: | Beth Jarecki |
beth@omniaparatus.com |
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