ACORD enhances global reinsurance standards with new ePlacing guide
ACORD enhances global reinsurance standards with new ePlacing guide | Insurance Business New Zealand
Reinsurance
ACORD enhances global reinsurance standards with new ePlacing guide
Updated guide benefits facultative reinsurance
Reinsurance
By
Jonalyn Cueto
The Association for Cooperative Operations Research and Development (ACORD) has announced the release of its updated Global Reinsurance and Large Commercial (GRLC) ePlacing Implementation Guide, version 1.3.
According to a news release, the update extends the ePlacing Standard to facultative reinsurance, and now the standard supports the electronic placement of reinsurance contracts.
The latest iteration of the guide, v1.3, has been described as being aligned with the GRLC Accounting (EBOT) and Claims (ECOT) Standards, which covers both treaty and facultative reinsurance.
ACORD noted in a statement that this harmonization is the result of years of concerted efforts by subject matter experts within the GRLC and Ruschlikon communities, aimed at adapting ePlacing Standards to meet the evolving needs of the global reinsurance ecosystem.
Looking ahead, ACORD plans to further expand the scope of the GRLC ePlacing Implementation Guide throughout 2024. This will include the establishment of standard JSON/API messages among other technological enhancements, aimed at bolstering the efficiency and responsiveness of reinsurance practices worldwide.
The ACORD GRLC ePlacing Implementation Guide version 1.3 is available for download, offering a comprehensive resource for industry professionals seeking to navigate the updated standards. For more information on the ePlacing Standards and other ACORD initiatives, visit www.acord.org/grlc.
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