ACORD, the global standards-setting organization for the insurance industry, announced the establishment of the ACORD Inter-Association Advisory Committee (IAAC).
The organization describes the council as a coalition of North America’s leading property and casualty associations representing independent agents, brokers and intermediaries throughout the distribution chain.
ACORD said the initiative aims to enhance digital communications and improve market efficiency by supporting consistent, high-quality and standardized data across the industry.
The company reported that the inaugural meeting, held on May 4, brought together attendees from the AUGIE Group, the Council of Insurance Agents and Brokers, the Center for Insurance Operations Research, the American Independent Insurance Agents and Brokers and their Agent Technical Committee, Professional Insurance Agents, and the Wholesale and Specialty Insurance Association.
ACORD explains that it was originally founded to improve communication between agents, brokers and carriers and has grown over more than fifty years to become a globally recognized standards-setting organization. It added that its electronic data standards, forms and related frameworks have supported millions of transactions and enabled real-time data exchange, contributing to the ongoing digital transformation of the entire insurance market.
“The insurance industry operates on data, and its effectiveness depends on the quality and speed of data flow among stakeholders. Coordination between ACORD and the distributor community is critical to ensuring data standards are developed, maintained and integrated in the most effective manner. We are proud to partner with leading distributor organizations to further advance digital data exchange and provide coordinated guidance and frameworks to address the industry’s operational challenges,” commented Malou Soriano, ACORD’s senior vice president and global chief officer of education, consulting and advocacy.
The company said representatives from across the distribution community welcomed the establishment of the IAAC and stressed the importance of ensuring standards reflect actual industry needs.
Keith Savino, U.S. CEO of Emergence Insurance and Chairman of AUGIE Group, added: “Standards are most valuable when they reflect the needs of the insurance community. The IAAC provides agents, brokers and intermediaries with a much-needed unified voice to help shape data standards that drive efficiencies and enable meaningful digital advancements across the property and casualty insurance market.”
ACORD said the IAAC will support its strategic focus on existing and emerging data, as well as forms and standards used across distribution channels. The committee will consider key issues such as data management, AI-related governance and consistency of U.S. data rights, while also providing coordinated industry input on common operational challenges, the group said.
ACORD added that the IAAC will work to identify emerging and high-growth areas where standardized data exchange can bring greater value, while also examining issues around data sovereignty and access rights. The organization noted that the council will contribute to industry education and thought leadership shaping developments in the sector, including artificial intelligence, data management and evolving lines of business.
