PEARL RIVER, NY--At a September 8 ceremony in London, ACORD as presented with The Review Worldwide Reinsurance Industry Initiative of the Year Award for 2004. ACORD President and CEO, Gregory A. Maciag, accepted the award on behalf of ACORD's more than 480 members worldwide.
One judge on the panel remarked that "ACORD is setting the global standard. Eventually, the whole industry will move to ACORD standards if you want straight-through processing from start to finish."
Among the reasons cited in the awards program for this honor was the rapidly increasing implementation rate of ACORD data standards. Reinsurance industry leaders including Swiss Re, Scor, Converium, XL Re, ERC, RGA Re, Aon, Benfield, Guy Carpenter, Marsh, AIG, and Axa Cessions have implemented ACORD data standards. In addition, there was a significant increase over the past year in implementations and certifications by solution providers thereby increasing choice, flexibility and innovation in the industry. ACORD's catastrophic exposure standards were also implemented by the top three cat modelers this year - AIR, EQE, and RMS.
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