ACORD London Office

Welcome to the London Office Blog

This is where you can find out what's happening in the area of Reinsurance and Large Commercial - globally.  The blog is for everyone interested in the Reinsurance and Large Commercial (RLC) standards wherever you are in the World and is brought to you directly from ACORD's RLC nerve-centre

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XL Re, Aon Benfield Implement Auto Accounts & Cash Transactions

On March 23, 2011, Aon Benfield and XL Re issued the following release regarding their successful implementation of eCommerce messaging which are based on ACORD messaging standards. XL Re, the global reinsurance operations of XL Group plc, and Aon Benfield announced that XL Re Ltd, XL's Bermuda-domiciled reinsurance subsidiary, teamed up with Aon Benfield to become the first local reinsurer to successfully implement automated accounts and cash transactions using Association for Cooperative Operations Research and Development (ACORD) messaging standards.

The 2011 ACORD LOMA Forum: A Reinsurance Perspective

By Marc Codispoti, Market Development Manager, ACORD The reinsurance community has a lot to look forward to at this year's ACORD LOMA Insurance Systems Forum in San Diego. From chances to network with insurers to sessions offering new insights into the industry and technology, it's a unique opportunity to meet, talk, learn, and share. The Network With so much happening, particularly around e-Trading, the Rueschlikon Initiative, and from the ACORD US Reinsurance Advisory Group, it's more important than ever that all parties talk and share ideas and perspectives. As a community, progress is being made and everyone needs to be a part of this movement. How, as a group, can reinsurance become more streamlined? How can reinsurers work more efficiently with cedents and brokers? How can we more efficiently share information for improved underwriting and modeling? The only way to get the latest information is by coming to the Forum and meeting with companies.

Data Governance, the Regulator, & ACORD Standards

In a recent presentation to the ACORD Club meeting in London, Chris Gullick, Solvency II Data Lead for PwC, outlined the imperative importance of data governance to meet the toughening demands of regulators the world over. 

Gullick quoted from the Dama Dictionary of Data Management that "data governance is the exercise of authority, control, and shared decision making (planning, monitoring, and enforcement) over the management of data assets. He then outlined what to consider when implementing a coherent and robust data governance policy.

New Message, Implementation Guide Under Review

Recently, an ACORD Reinsurance Claims Management Working Group completed the development of a new "ProcessService" message and a companion Claims Management Implementation Guide. Both are now available as candidate recommendation and are being proposed for pilot implementation. The Working Group identified the need for a new message that would enable structured and controlled data and document messaging between parties other than broker and carrier in the claim management process. In addition, the message would provide an explicit mechanism to support action requests and responses such as requests for information and status requests. The other goal was to avoid changes to existing business messages such as Claim Movement and Technical Account.

Updated Reinsurance Standard Released

Last week, version 2010-2a of the Reinsurance Standard was made available to both members and non-members. The updates correct issues identified in release 2010-2 from January 2011. Now publicly available, ACORD RLC XML 2010.2a contains the revised documents as well as the XML specification and technical files. ACORD Members can now download: ACORD RLC Data Dictionary (Interactive Database) 2010.2a (revision) EBOT Accounting and Settlement Quick Reference Guide 1.4.1 (revision) ECOT Claims Quick Reference Guide 1.2.1 (unchanged) ACORD RLC Placing Message Reference Guide v2.8 (unchanged) ACORD RLC Tax and Regulatory Reporting Implementation Guide v1.0 (unchanged) ACORD RLC Claims Management Implementation Guide v1.0.1 (revision) Details of alterations from the previous version are available in the revision log section of each document. For questions, please contact Phil Brown at pbrown@acord.org.