ACORD Solutions Group Adds Contract Data Exchange to ADEPT
(Image source: ACORD Solutions Group.)
ACORD Solutions Group (London), the industry-owned subsidiary of global insurance standard-setting body ACORD (Pearl River, N.Y.), today announced the launch of new data exchange capabilities for reinsurance treaty contract placement through ADEPT (ACORD Data Exchange Platform & Translator), a platform that links trading partners to structure, validate, and reconcile their data.
ADEPT was built to help the global (re)insurance community digitize a wide range of processes using ACORD Standards, simplifying the way data is shared across the insurance value chain, according to an ACORD Solutions Group statement. ADEPT delivers global interoperability by connecting trading partners, regardless of geography and existing level of data exchange maturity, by integrating seamlessly with existing platforms, portals, and infrastructure, the statement says.
ACORD reports that the new ADEPT treaty contract data exchange service was developed in close collaboration with a consortium of the world’s largest reinsurers and brokers. It is designed to enable the digital exchange of treaty contract placements, providing structured data exchange for Submission, Quote, Order and Signed Line processing, as well as document exchange between broker and reinsurer. As part of its treaty contract placement service, ADEPT is also integrating to all major reinsurance placing platforms, the organization says.
The ADEPT platform, first launched early in 2021, was designed by ACORD Solutions Group to enable the timely, accurate, and secure exchange of data across multiple functional applications. Existing functionality includes automated, real-time premium reconciliation between insurers and brokers, as well as straight-through processing of reinsurance and large commercial accounting (EBOT), claims (ECOT), and settlement workflows. The addition of a new functional application for treaty contract placement was the result of ACORD Solutions Group’s continual collaboration with industry stakeholders to extend ADEPT’s capabilities in the most impactful areas.
Solving Important Technical Issues
The reinsurance industry currently manages treaty contract transactions through email or individual broker portals. In both cases, reinsurers lack the ability to seamlessly integrate that data into their core systems, requiring the redundant, manual re-keying of information, the ACORD statement observes. ADEPT’s REST API service layer integrates with existing systems to digitally exchange data for individual transactions, offering what ACORD calls a flexible approach to best meet the needs of any organization.
“The digitization of reinsurance transactions is a challenge, due to the vast array of systems and interfaces that have accrued over time across stakeholders,” comments Bill Pieroni, President & CEO, ACORD. “ADEPT was built by the industry, for the industry, to improve reinsurance processes by enhancing them with purpose-built, next-generation digital capabilities. We are thankful to the global reinsurance community for continuing to collaborate with us to solve some of the greatest technical issues facing our industry.”
ACORD Solutions Group Launches ADEPT Data Exchange Platform