As one of the first markets to adopt and implement ACORD Messaging Library (AML) as the data standard, the Australian insurance industry will begin the standardization with implementation for professional indemnity content that includes quote, bind and close transactions for new business, renewal, endorsement and cancellation processing.
"Universal data exchange, between consumer, intermediary and product manufacturer, has been achieved with the release of the ACORD PI Australian standard," says Robert Kelly, executive chairman, Steadfast Group Ltd. "When this product is fully rolled out, it will deliver efficiency, greater choice, and a competitive environment. Australia is now part of a worldwide standard."
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