PEARL RIVER, N.Y., Jan. 13, 2021 /PRNewswire/ -- ACORD Solutions
Group (ASG), the industry-owned subsidiary of ACORD, the
standards-setting body for the global insurance industry, today
announced the successful implementation of its ADEPT platform to
perform automated, real-time premium accounting reconciliation
between insurers and brokers. This market capability was developed
working closely with some of the industry's largest stakeholders,
with the first data exchanged by professional services firm and
broker Aon plc and carrier Zurich North America.
"While ACORD works closely with virtually all major brokers and
carriers, we owe special gratitude to Aon and Zurich, who have been leading the way in
defining and implementing this technology," said Bijesh Jacob, SVP of Technology & Standards,
ACORD. "Their contributions have been invaluable in launching an
industry-wide platform to enable secure, digital data exchange and
validation for brokers and carriers."
Working with Aon and Zurich,
ACORD recognized the common issues and themes associated with the
premium settlement process. "The premium accounting process is a
highly inefficient transactional service provided by brokers and
carriers. Leveraging the Blockchain-based backbone of ADEPT
will provide brokers and carriers with an industrial-strength
platform to identify and resolve inconsistent transactions very
early in the process. This industry innovation will not only
drive out non-value-added cycles, but also provide clients a more
seamless premium payment experience," noted Mark Schmalzer, Aon's Global Service Delivery
Leader.
ADEPT (ACORD Data Exchange Platform & Translator) offers a
secure, decentralized storage and access service which acts as a
'single source of truth,' enabling participants to verify payment
information. By structuring, translating, and validating the data
in real time, ADEPT greatly reduces the time and cost of
reconciliation.
"The insurance industry is experiencing unprecedented change and
technology is unlocking new and efficient ways of conducting
business," said Tracey Bailey,
Billing Solutions Lead, Zurich North America and project manager
for Zurich's implementation of the
ADEPT platform.
"The ACORD ADEPT solution is well aligned with Zurich's continued efforts to improve our
customer experience and broker interactions through innovation. We
are proud to be on the front end of this journey with ACORD and Aon
and are excited about ADEPT's continued adoption within the
insurance industry."
ADEPT is a market capability which leverages the
industry-accepted ACORD Data Standards to link trading partners
with real-time data exchange, transformation, and validation.
Although extracting inefficiencies from the premium accounting
process provides significant value for the trading partners, it
only provides a glimpse of transformational functionality to come.
Now that a central matching mechanism for policies is created,
future use-cases may include claims, placing and other critical
insurance processes covering all major lines of business.
"We are honored to help pioneer the first data exchanged on the
ADEPT platform. Our collaboration with ACORD showcases Aon's
continued commitment to innovation within the insurance industry,"
said Joe Propati, Chief Operating
Officer for North America, Aon.
"This technology will change the way we do business, boosting
efficiency for insurance carriers and brokers all while protecting
the integrity of the data."
"Thanks to the efforts of these visionary organizations, ADEPT
is now in production and able to support millions of transactions,"
Jacob added. "By improving operational efficiencies, strategic
positioning, and customer satisfaction, ADEPT will truly transform
the operating economics of our industry."
For more information on ADEPT, please visit
www.acordsolutions.com/ADEPT.
About ACORD Solutions Group
ACORD Solutions Group
(ASG) is an industry-owned extension of ACORD, the
standards-setting body for the global insurance industry. ASG
delivers end-to-end, enterprise-class solutions to optimize the
cost, speed, and accuracy of consistent data exchange. We are
uniquely positioned to provide InsurTech solutions which increase
the value of data for all insurance stakeholders, regardless of
size, geography, or legacy constraints. ASG facilitates integration
while bridging the gap between legacy capabilities and strategic
modernization. Learn more at www.acordsolutions.com.
About Aon
Aon plc (NYSE: AON) is a leading
global professional services firm providing a broad range of risk,
retirement and health solutions. Our 50,000 colleagues in 120
countries empower results for clients by using proprietary data and
analytics to deliver insights that reduce volatility and improve
performance.
Follow Aon on Twitter and LinkedIn. Stay up
to date by visiting the Aon Newsroom and hear from Aon's
expert advisors in The One Brief. Sign up for News
Alerts here.
About Zurich North America
Zurich North America is one of the largest providers
of insurance solutions and services to businesses and individuals.
Our customers represent industries ranging from agriculture to
technology and include more than 90 percent of the Fortune 500.
We've backed the building of some of the most recognizable
structures in North America — from
the Hoover Dam to the Confederation Bridge. Our North American,
LEED Platinum® headquarters is located in the Chicago area. We employ approximately 9,000
people in North America and have
offices throughout the U.S. and Canada. Further information is available at
www.zurichna.com.
Media Contacts:
(for ACORD Solutions Group)
Beth Jarecki
Beth@lpendragonus.com
(for Aon)
Matt Taylor
Matt.taylor@aon.com
(for Zurich North America)
Robyn Ziegler
Robyn.ziegler@zurichna.com
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SOURCE ACORD