CRP publication marks key milestone in London Market modernisation programme
LONDON, Sept. 4, 2023 /PRNewswire/ -- ACORD, the standards-setting body for the global insurance industry, today announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP Standard was developed to streamline the flow of contract information among industry stakeholders, and support modernisation initiatives in the London Market. The CRP Standard was formally approved by the ACORD Global Reinsurance & Large Commercial Program Advisory Council in late August.
The ACORD Contract, Risk, and Pre-Accounting Standard enables the reconciliation and validation of core contract information in advance of the first premium and claim transactions. This allows for confirmation of placing conditions and account structures, helping stakeholders to detect potential inconsistencies earlier in the process and mitigate delays in processing premium and claim transactions.
The ACORD CRP Standard, an integral component of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards, is fully aligned to the Core Data Record (CDR) v3.2. The CDR, established by the London Market Group (LMG) Data Council, is a comprehensive dataset of elements that need to be collected by the point of bind to drive downstream processes. In a fully digital market for open market placement, this will enable users to seamlessly submit the CDR dataset to the digital gateway from the London Market Joint Ventures, in order to facilitate premium processing, simple first notification of loss validations, and Lloyd's tax and regulatory reporting.
The CRP Standard also defines how stakeholders will build and implement new systems in order to interact with participants across the London Market. The publication of the Implementation Toolkit was identified as a key Blueprint Two milestone earlier this year by the LMG, as part of "a trilogy of important documents" along with the PRR Final Recommendations (July), and the Good Practice Guide (September-October).
"The remit of the LMG Data Council has always been to digitise our market, so that information flows seamlessly from broker to underwriter, through to claims and settlement teams," said Sheila Cameron, Chair of the LMG Data Council and CEO of Lloyd's Market Association. "We have done this in stages: aligning to the ACORD Standard; creating a Core Data Record; creating a standardised contract (MRC v3) and latterly our process, roles, and responsibilities review. With that review now complete and adoption on the horizon, we are delighted to see the fruition of ACORD's work to define the details in its new Contract, Risk, and Pre-Accounting handbook. The detailed information contained in this handbook is a crucial step forward to drive digitisation of our market, and I would like to thank ACORD for their wholehearted support and commitment to digitise the oldest insurance market in the world."
"The new GRLC CRP Standard optimises data accuracy, increases efficiencies, and streamlines data exchange and processing at a key stage in the insurance process," said Chris Newman, EVP & Global Managing Director, ACORD. "With alignment to the Core Data Record, the new messaging standard will better connect industry participants by enabling integration to Blueprint Two services, driving innovation, and supporting digitalisation."
"This new Standard is the result of unprecedented collaboration and mutual effort not only within the London Market, but also on a global basis, ensuring alignment with the existing robust ACORD GRLC community," Newman continued. "The ongoing collaboration of our industry partners will be essential as we continue to advance the market towards a digital-first future."
The ACORD GRLC CRP Implementation Toolkit contains assets to support consistent integration of the CRP messaging standard across industry organizations, including JSON and API specifications, as well as resources for XML implementation. To download the Implementation Toolkit, or for more information on the ACORD Global Reinsurance & Large Commercial Standards, please visit www.acord.org/grlc.
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.
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