ACORD Solutions Group Launches Data Exchange Platform with First-of-Its-Kind Implementation by Aon & Zurich North America

Rhea-AI Summary

ACORD Solutions Group has successfully implemented its ADEPT platform for automated premium accounting reconciliation between insurers and brokers. This achievement features collaboration with Aon and Zurich North America, marking a significant step in the insurance industry's digital transformation. ADEPT utilizes a Blockchain-based system to enhance efficiency and accuracy, enabling real-time data verification and reducing reconciliation costs. Aon and Zurich’s participation highlights their commitment to innovation, promising improved operational efficiencies and customer experiences in future use cases.

Positive

• Successful implementation of ADEPT platform for premium accounting reconciliation.
• Collaboration with Aon and Zurich North America to enhance data exchange.
• Blockchain-based technology to improve transaction efficiency and accuracy.
• Potential for significant operational improvements and customer satisfaction.
• First-of-its-kind industry capability to support millions of transactions.

Negative

• None.

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

FAQ

What is the ADEPT platform launched by ACORD Solutions Group?

The ADEPT platform is an automated, real-time premium accounting reconciliation tool developed by ACORD Solutions Group to streamline interactions between insurers and brokers.

Which companies collaborated on the ADEPT platform?

The ADEPT platform was developed in collaboration with Aon plc and Zurich North America.

How does the ADEPT platform benefit the insurance industry?

ADEPT improves operational efficiency by leveraging Blockchain technology for accurate and efficient premium accounting processes.

When was the ADEPT platform launched?

The ADEPT platform was successfully implemented and announced on January 13, 2021.

What impact does ADEPT have on transaction processing?

ADEPT enables real-time verification of payment information, significantly reducing the time and cost associated with reconciliation.