ACORD launches GRLC Generation 2.0 to support industry digitalisation

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ACORD’s Advancement in Global Reinsurance & Large Commercial Standards

The industry standards body, ACORD, has introduced GRLC Generation 2.0, a significant update to its Global Reinsurance & Large Commercial Standards. This upgrade is designed to bolster digital transformation across the worldwide re/insurance sector.

Historically, the GRLC Standards have played a crucial role in ensuring the smooth and efficient exchange of data in the re/insurance and specialty markets globally. Now, with the advent of GRLC Generation 2.0, insurers, brokers, and service providers can utilize a unified set of digital data standards that cover everything from placement to binding, claims, and settlement.

According to ACORD, this enhancement is poised to improve efficiency, interoperability, and data quality, while fostering the adoption of emerging digital-first systems within organizations and among trading partners.

The revised GRLC Standards boast improved navigation and accessibility, supported by a robust application and architecture for digital messaging in placing, claims, and accounting. The initial rollout of ACORD GRLC Generation 2.0 includes a Unified Placing Standard and an updated ePlacing Implementation Guide, integrating Blueprint Two and peer-to-peer workstreams into a cohesive digital placing standard for insurers, reinsurers, brokers, and platforms.

Moreover, a newly released whitepaper on Claims Digital Messaging introduces fresh Claims Handling & Orchestration Standards, complementing existing Claim Movement Standards to facilitate seamless digital claims processing.

Chris Newman, President International at ACORD, remarked, “In an era of unprecedented change within the global industry, our members have shown an increasing demand for digitalization and interoperability. We are witnessing remarkable success stories where members are digitizing their operations and trading partnerships, achieving significant efficiency gains compared to their non-digital counterparts.”

Newman added, “There is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders throughout the insurance lifecycle. This new era of the GRLC Standards will revolutionize how organizations communicate and conduct business within the global (re)insurance markets. We are thrilled to present the GRLC Generation 2.0 vision of enabling truly digital, end-to-end data exchange across our community.”