London’s leading global standards-setting body for the insurance and related financial services industries, ACORD (Association for Cooperative Operations Research and Development) unveiled the latest ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit on September 4th, 2023. This cutting-edge data messaging standard aims to revolutionize the global insurance sector by optimizing the exchange of critical data.
Crafted to enhance the dissemination of contract details amongst industry peers, the CRP Standard promises to modernize the iconic London Market. Its inception comes after its formal endorsement by the ACORD Global Reinsurance & Large Commercial Program Advisory Council in August.
The newly introduced CRP Standard not only expedites the verification of pivotal contract data before the initial premium and claim activities but also ensures the accuracy of placing conditions and account structures. Such advancements enable early detection of potential discrepancies, eliminating delays in processing pivotal transactions.
The CRP, harmonized with the Core Data Record (CDR) v3.2 by the London Market Group (LMG) Data Council, is poised to enhance digital market placements. Users can effortlessly submit the CDR dataset to the digital gateway, thus aiding in tasks like premium processing and regulatory reporting for Lloyd’s.
Sheila Cameron, the esteemed Chair of the LMG Data Council and CEO of Lloyd’s Market Association, voiced her enthusiasm regarding the release, appreciating ACORD for their unwavering dedication towards digitalizing the world’s most ancient insurance market.
Chris Newman, EVP & Global Managing Director at ACORD, emphasized the collaboration behind this groundbreaking initiative. He highlighted its global alignment with the ACORD GRLC community and the potential benefits it offers in terms of data accuracy, innovation, and digitalization.
ACORD’s GRLC CRP Toolkit provides essential resources, such as JSON and API specifications, ensuring a harmonious integration of the CRP messaging standard across global insurance organizations.
Read more: https://fintechfrontiers.live/ai-is-strengthening-processes-in-insurance/
