Digital transactions available free of charge for a million new users by ACORD
ACORD's ADEPT North America Regional Hub Revolutionizes Insurance Data Exchange
ACORD Solutions Group (ASG) has launched the ADEPT North America Regional Hub, a groundbreaking digital data exchange platform designed to modernize the insurance industry. This new hub significantly enhances digital data exchange capabilities for reinsurance and large commercial transactions, fostering real-time, standardized exchange of placing, accounting, and claims data across the insurance value chain.
The ADEPT platform, built to help modernize the industry, links trading partners to structure, validate, and reconcile their data. It is aligned with ACORD's Global Reinsurance & Large Commercial (GRLC) Data Standards, ensuring universal interoperability. DXC Technology will integrate ADEPT for Global Reinsurance and Large Commercial transactions, expanding its usage of ACORD Solutions Group's ADEPT platform.
The benefits of ADEPT are far-reaching. Seamless onboarding and integration, thanks to its intuitive interface and API-ready framework, minimize friction in adoption. Significant operational efficiencies have been achieved, with a 70% reduction in unallocated cash, an 80% improvement in data quality, and a 60% reduction in manual effort to process claim transactions within the ACORD GRLC Standards community.
Enhanced data quality and speed are another key advantage. Standardized data exchange helps data flow faster and with fewer errors, accelerating transaction processing and improving decision-making accuracy. ADEPT also enables broader industry collaboration and customer experience improvements by enabling data exchange across barriers of geography, scale, and technology, ultimately enhancing the customer experience.
The North America Regional Hub launch builds upon the proven success of ADEPT Regional Hubs already operating in Italy, Spain, and Bermuda. Swiss Re, a leading reinsurance company, supports both the development and strengthening of regional hubs, as well as the broader adoption of ACORD Standards across North America.
ASG is offering one million free digital messaging transactions for the ADEPT Bermuda Regional Hub to encourage global connectivity. ADEPT transforms the traditional approach to data exchange by enabling organizations to shift from manual processes to a fully integrated digital messaging network. This transformation drives cost reductions, enhanced data quality, automation of manual tasks, and faster, more accurate data flows in the reinsurance and large commercial insurance markets, facilitating digital transformation and improving stakeholder collaboration across the industry.
The Ruschlikon initiative is amplifying the collaborative approach of ADEPT by uniting the world's largest reinsurance carriers and brokers in a shared commitment to digital transformation. ADEPT is part of ASG's global market connectivity initiative, with upcoming launches in Dubai, Singapore, and Nordics. The future of insurance data exchange is here, and it's digital, standardized, and efficient - thanks to ACORD's ADEPT platform.
[1] ACORD Solutions Group Press Release, [Date], https://www.acordsolutionsgroup.com/news [2] ACORD Global Reinsurance & Large Commercial (GRLC) Standards, https://www.acord.org/standards/grlc
- The ADEPT North America Regional Hub, developed by ACORD Solutions Group, is designed to revolutionize the reinsurance market in global financial and business sectors, facilitating real-time, standardized data exchange across the insurance value chain.
- DXC Technology's integration of ADEPT for Global Reinsurance and Large Commercial transactions signifies a significant move towards digital transformation in the insurance industry, aiming to foster innovation and streamline events like placing, accounting, and claims data exchange.
- ADEPT's undeniable benefits include seamless onboarding and integration, leading to substantial operational efficiencies, such as a 70% reduction in unallocated cash and a 60% reduction in manual effort for claim transactions within the ACORD GRLC Standards community.
- With the launch of the ADEPT North America Regional Hub, ACORD's commitment to digital transformation expands, aiming to enhance standardized data exchange for faster and more accurate decisions across the industry, while fostering global collaboration through initiatives like the Ruschlikon project.
