Industry standards body ACORD has launched GRLC Generation 2.0, updating its Global Reinsurance & Large Commercial Standards to support digitalisation throughout the global re/insurance industry.
Providing some background, ACORD noted that GRLC Standards have been widely used by the global re/insurance and specialty markets for years to enable efficient and effective flow of insurance data.
Now, GRLC Generation 2.0 will reportedly allow insurers, brokers, and service providers to leverage a unified set of digital data standards from placement to binding to claims to settlement.
“This will not only increase efficiency, interoperability, and data quality, but also support the adoption and implementation of emerging digital-first systems both internally and across trading partners,” ACORD explained.
ACORD also suggested that GRLC Generation 2.0 Standards feature enhanced navigation and accessibility, with “robust application and architecture” for placing, claims, and accounting digital messaging.
The first ACORD GRLC Generation 2.0 assets include a Unified Placing Standard and updated ePlacing Implementation Guide, merging Blueprint Two and peer-to-peer workstreams into a single standardised digital placing approach for insurers, reinsurers, brokers, and platforms.
Additionally, a whitepaper on Claims Digital Messaging introduces new Claims Handling & Orchestration Standards to complement existing Claim Movement Standards, enabling seamless digital claims processing.
Chris Newman, President International, ACORD, commented, “As the global industry faces an unprecedented rate of change, our members have expressed an even greater demand for digitalization and interoperability.
“We are witnessing some incredible success stories of members digitizing their enterprises and trading partnerships, and enjoying material efficiency gains over their non-digital peers.
“There is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders and throughout the insurance lifecycle.”
Newman continued, “This new era of the GRLC Standards will transform how organizations communicate and transact business within global (re)insurance markets.
“We are excited to share the GRLC Generation 2.0 vision of enabling truly digital, end-to-end data exchange across our community.”
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