ACORD London Office

Looking forward to the next new decade - 2020

We’ve barely begun this new decade but ACORD has been working with its Board, members and noted future strategist, David Smith (Global Futures and Foresight), to build up a picture of what the World might look like in 2020, and how the insurance industry should prepare for it. 

 

Through a series of workshops held with a cross-section of the global ACORD membership, ACORD has been building up a picture of what the industry believes the key challenges and opportunities of the next decade will be.  Further workshops have been held to develop strategies for the industry to exploit future opportunities and limit the impact of threats.

 

David Smith presented the latest research to the Board and a London Advisory Board and took their feedback into his research. ACORD will be making the research and analysis available to the industry in 2010.

 

 

Matcham highlights big issues for market in 2010

ACORD in the News - Insurance Day, 12 January
Jonathan Rest Tuesday, 12 January 2010

SOLVENCY II and modernisation will be the London market’s major challenges in 2010, and the two issues will be more closely linked and interdependent than ever before.

That was the claim by Dave Matcham, chief executive of the International Underwriting Association (IUA), who said he believes the way companies implement technology changes will have a significant impact on how they deal with both issues.

“On the face of it they are separate initiatives – one is regulatory, the other technology and process change,” Matcham wrote on his blog on the IUA website. “However, I believe they are not mutually exclusive. It is estimated up to 40% of Solvency II implementation costs are related to techno­logy. This includes modelling software, data warehousing and consideration of data quality. Meanwhile, market modern­isation is a continuous improvement process as technology provides opportunities for further efficiencies.”

One of the market’s central 2010 modernisation projects is the wider implementation of Acord data standards, which will be seen in greater use of the Lloyd’s Exchange for endorsements and other peer-to-peer transactions between brokers and carriers.

Phase 2 pilot of Lloyd's Exchange gets under way

ACORD in the News - Insurance Day, August 2009

THE SECOND pilot phase of the Lloyd’s Exchange is under way, as the market confirmed the sending of the first live message.

Around 2,100 test messages have been sent across the exchange, but on Wednesday last week it hosted its first live message – an energy quotation request between Miller and Aspen Re – sent using Acord data standards.

Sue Langley, Lloyd’s director of market operations and North America, said: “We have come to the end of the first trial and we’re delighted that the participants are now starting to use the Lloyd’s Exchange. The next three trials will identify any issues that participants may have, improve processes and ensure that more market organisations can participate.”