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."
Major activity to implement ACORD standards in Australia began in 2008 with the creation of that advisory committee. This immediately led to the formation of two working groups focused on the specific needs of their market. One focused on development of a framework, architecture and message design philosophy to meet the needs of the Australian Business Market, while the other took on business issues—primarily placement and forms.
"The rapid advance of ACORD standards in this market is testimony to the dedication and commitment of its leaders within the industry, and their shared goal of improving data communication and the processing efficiency of the independent broker" says John Kellington, SVP of ACORD. "We look forward to further development and implementation efforts, and thank all of those who have led this charge toward standardization."
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