Industry standards organization ACORD has released GRLC Generation 2.0, revising its Global Reinsurance & Large Commercial Standards to enable digitalisation across the international re-insurance sector. Setting the scene, ACORD explained that GRLC Standards have been extensively utilized by the international re-insurance and specialty business for years to facilitate effective and efficient transfer of insurance information.

Now, GRLC Generation 2.0 will apparently enable insurers, brokers, and service providers to utilize a common group of digital data standards from placement through binding to claims through settlement.

"This will not just boost efficiency, interoperability, and data quality but will also enhance adoption and deployment of new digital-first systems internally and between trading partners", ACORD stated.

ACORD recommended that GRLC Generation 2.0 Standards have more navigable and accessible navigation with ‘robust application and architecture’ for putting, claims, and accounting electronic messaging. Among the initial ACORD GRLC Generation 2.0 offerings is a Unified Placing Standard and refreshed ePlacing Implementation Guide, consolidating Blueprint Two and peer-to-peer work streams into a single digital placing solution for reinsurers, insurers, brokers, and platforms.

Moreover, there is a whitepaper on Claims Digital Messaging that brings forth new Claims Handling & Orchestration Standards to support current Claim Movement Standards, facilitating easy digital claims processing. According to Chris Newman, President International, ACORD, "As the global industry confronts an unprecedented pace of change, our members have called for an even higher level of 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 look forward to implementing the GRLC Generation 2.0 vision of making fully digital, end-to-end data exchange between our communities possible".