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Dec 20, 2022

Looking Back on 2022 with ACORD Solutions Group

By Chris Newman, Managing Director – Global, ACORD Solutions Group

Looking back on the past twelve months, it’s clear that it was a year of much growth and progress for ACORD Solutions Group and the ACORD vendor community. Throughout 2022, we have welcomed new members from markets around the world to our Licensed Integrator Partner community, expanded the features and functionalities of our next-generation digital solutions to address industry needs, and furthered our commitment to the modernisation of the industry through strategic partnerships and collaborations with key stakeholders.

As we reflect on this year’s achievements, here is a look at some of the highlights:

  • ACORD Solutions Group joined with major industry technology partners AdvantageGo, DXC Technology, TRACE, and Verisk to support the services and solutions built as part of the Lloyd’s Blueprint Two initiative to digitalise London Market operations, with ADEPT (ACORD Data Exchange Platform & Translator) serving as the gateway to the market.
  • ADEPT also launched new data exchange capabilities for reinsurance treaty contract placement. Supercede recently became the first vendor to integrate ADEPT’s reinsurance treaty contract placement service with its platform.
  • We added a new user portal for ADEPT in order to enhance access to ADEPT throughout the global (re)insurance community, with several users already connecting via the portal.
  • ACORD Solutions Group’s Licensed Integrator Partner program, comprised of some of the largest providers in the London Market, welcomed several new members: Ebix, Synatic, Websure, EIS, Intellagents, and Jean Edwards Consulting.
  • Licensed Integrator Partners such as Genpact, Anoud Technologies, Eurobase, Instech Solutions, and other insurance technology organisations across the global industry integrated ADEPT into their systems to enable efficient data exchange.
  • Integrated Specialty Coverages LLC, Sutton Special Risk, and others leveraged ADEPT’s integrated ACORD Transcriber and ACORD Conductor services. We also worked with reinsurance stakeholders such as Axis Re and Trans Re to automate processes and streamline data exchange via ADEPT for their clients across the (re)insurance community.
  • Extended AI-enabled capabilities for ACORD Transcriber facilitate data extraction from unstructured submission document formats such as current and future Market Reform Contracts (MRCs).
  • ACORD Solutions Group President and CEO Bill Pieroni spoke with PropertyCasualty360 about the importance of tools to support the next generation of standardized data exchange, following ADEPT’s recognition among the inaugural class of Insurance Innovator Award winners.
  • ADEPT was also spotlighted on Forbes’ list of leading companies leveraging distributed ledger technology to drive efficiencies across industries, named as a key innovation in this area for insurance organisations.
  • The Italian Market Data Exchange Platform, built on ADEPT, launched earlier this year to connect stakeholders across the Italian Market regardless of their levels of digital maturity.

With an extremely productive year coming to a close, we are looking forward to a new year of continued growth and collaboration with our Licensed Integrator Partners, partnership with leading industry organisations, and the privilege of helping to drive the much-needed digital transformation of our global insurance industry.