New York, NY (Apr. 10, 2025) \u2013 ACORD, the standards-setting body for the global insurance industry, is pleased to announce the launch of the next generation of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards. \u201cGRLC Generation 2.0\u201d represents an updated, global, digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the (re)insurance ecosystem.<\/p>\n
ACORD GRLC Gen 2 Standards will allow insurers, brokers, and service providers to leverage a unified set of digital data standards from placing to binding to claims to settlement. This will not only increase efficiency, interoperability, and data quality, but also support the adoption and implementation of emerging digital-first systems both internally, and across trading partners.<\/p>\n
\u201cAs the global industry faces an unprecedented rate of change, our members have expressed an even greater 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,\u201d said Chris Newman, President International, ACORD. \u201cThere is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders and throughout the insurance lifecycle.\u201d<\/p>\n
ACORD GRLC Standards have been widely used by the global (re)insurance and specialty markets for years to enable efficient and effective flow of insurance data. GRLC Generation 2.0 has updated and aligned the development of these standards with several market modernization initiatives, including:<\/p>\n
ACORD GRLC Gen 2 Standards feature enhanced navigation and accessibility, with robust application and architecture for placing, claims, and accounting digital messaging. They provide a range of business and technical assets to fully support implementers in their digital journey, with each asset tailored to the specific needs of the business or technical audience.<\/p>\n
The first assets released under the ACORD GRLC Gen 2 Standards are:<\/p>\n
Upcoming releases will include next-generation updates of the ACORD EBOT (accounting & settlement), ECOT (claim movement), and CRP (contract, risk & pre-accounting) Standards, featuring both XML- and JSON-based implementations.<\/p>\n
\u201cThis new era of the GRLC Standards will transform how organizations communicate and transact business within global (re)insurance markets,\u201d Newman added. \u201cWe are excited to share the GRLC Generation 2.0 vision of enabling truly digital, end-to-end data exchange across our community.\u201d<\/p>\n
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance industry. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD currently engages more than 36,000 participating organizations spanning over 100 countries, including insurance and reinsurance companies, agents and brokers, software providers, financial services organizations, and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org<\/a>.<\/p>\n Source: ACORD<\/i><\/p>\n Tags: ACORD<\/a>, carriers<\/a>, claims<\/a>, Communications<\/a>, data<\/a>, data standard<\/a>, digitization<\/a>, launch<\/a>, reinsurance<\/a>, whitepaper<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" New York, NY (Apr. 10, 2025) \u2013 ACORD, the standards-setting body for the global insurance industry, is pleased to announce the launch of the next generation of the ACORD Global Reinsurance & Large Commercial...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23360"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=23360"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23360\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=23360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=23360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=23360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}