SPECIAL FEATURE: INSURTECH
It’s all about how you use the data If you wait too long to adopt an idea, you may never catch up. Acord’s Bill Pieroni advocates a less risk-averse approach for insurance in the age of innovation By Terry McMullan
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t’s a little ironic that the revolutionary world of electronic innovation in insurance is underpinned by an organisation that traces its roots way back to 1970, when computers whistled and beeped and used magnetic tape to deal with simple tasks. The Association for Co-operative Operations Research and Development, a non-profit known throughout the industry simply as Acord, was established 50 years ago this year to provide the insurance industry with data standards and implementation solutions for all that newfangled computer stuff. Its founders in the United States were far-sighted enough to see the need for standardised forms to ensure different systems could “speak” to each other. Today Acord can supply standardised forms for more than 1200 types of insurance transactions for users around the world. Standard-bearer: Bill Pieroni
insuranceNEWS
February/March 2020
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