The Association for Cooperative Operations Research and Development (ACORD), the standards-setting body for the insurance industry, has introduced its new global data exchange service.

Dubbed ACORD iConductor, the new service operationalises the industry-backed ACORD Standards to transform, orchestrate, and validate all bureau and non-bureau messaging data.

The service will also help insurance industry across the global to move data more swiftly and accurately between stakeholders.

Designed as a complete next-generation global messaging service, ACORD iConductor facilitates straight-through processing of placing, accounting and claims data via APIs and all other major connectors.

In addition to processing traditional message types from structured and unstructured data formats, the new solution processes next-generation messages such as electronic placing, electronic technical & financial accounts and electronic claims movements.

ACORD managing director Chris Newman said: “For 50 years, ACORD has worked to standardise risk exchange on behalf of the global insurance ecosystem.

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“Market participants are dealing with rapidly increasing volumes of data that needs to be better quality and more accessible. Yet, for many stakeholders, communication is still fragmented, manual, and inefficient.

“The market needs accelerators to help it gain cost savings and efficiencies. ACORD iConductor is a turn-key solution that helps realize these benefits by digitizing the whole insurance lifecycle to streamline, automate, and eliminate inefficiencies.”