ACORD improves global reinsurance standards with new ePlacing guide | Insurance business America
Updated guidance provides benefits for facultative reinsurance
reinsurance
By Jonalyn Cueto
The Association for Cooperative Operations Research and Development (ACORD) has announced the release of its updated Global Reinsurance and Large Commercial (GRLC) ePlacing Implementation Guide, version 1.3.
According to a press release, the update extends the ePlacing standard to facultative reinsurance and now supports electronic placement of reinsurance contracts.
The latest version of the guide, version 1.3, was described as being aligned with the GRLC Accounting (EBOT) and Claims (ECOT) standards, which cover both treaty and facultative reinsurance.
ACORD noted in a statement that this harmonization is the result of years of concerted efforts by subject matter experts within the GRLC and Rüschlikon communities aimed at adapting the ePlacing standards to the evolving needs of the global reinsurance ecosystem.
Looking forward, ACORD plans to further expand the scope of the GRLC ePlacing Implementation Guide throughout 2024. This includes, among other technological improvements, the establishment of standard JSON/API messages aimed at strengthening the efficiency and responsiveness of reinsurance practices worldwide.
The ACORD GRLC ePlacing Implementation Guide Version 1.3 is available for download and provides a comprehensive resource for industry professionals who want to familiarize themselves with the updated standards. For more information about the ePlacing standards and other ACORD initiatives, visit www.acord.org/grlc.
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2024-04-05 13:00:00
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