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ACORD Solutions Group Launches ADEPT North America

In a groundbreaking move for the insurance industry, ACORD Solutions Group (ASG) has unveiled its latest initiative, the ADEPT North America Regional Hub. This new digital data exchange platform aims to revolutionize the way reinsurance and large commercial transactions are conducted across North America.

Enabling Seamless Data Exchange

The ADEPT (ACORD Data Exchange Platform and Translator) is designed to facilitate a standardized method of data exchange that enhances efficiency in placing, accounting, and claims transactions. Regardless of where an organization stands on the digital maturity spectrum, ADEPT is poised to foster an environment of seamless collaboration and interoperability within the insurance market.

ASG is encouraging new users to embrace this platform by offering a promotion of one million complimentary digital messaging transactions for each newly registered North American carrier and broker. This initiative is not just about improving individual company operations but aims to invigorate the entire market by connecting stakeholders more effectively than ever before.

Breaking Down Silos

According to Chris Newman, President International of ASG, ADEPT aims to dismantle traditional silos that hinder progress in the industry. By standardizing the data-exchange process, stakeholders can break away from outdated methods—such as transferring data manually or through emails—and utilize a fully integrated digital messaging network. Newman notes, "This isn't just about digitizing processes—it's about connecting markets and fostering the collaboration necessary for innovation across the entire industry."

A Leap Forward for Reinsurance

Frank Nutter, President of the Reinsurance Association of America, highlighted the platform's role in enhancing the efficiency of reinsurance management. He remarked, "Improving the efficiency of data exchange and reducing costs is vital for the successful management of reinsurance companies. ACORD's standards, in conjunction with ASG's innovations, represent significant advancements toward achieving these goals."

Building on Global Success

The launch of the North America Regional Hub builds upon the success of existing ADEPT Regional Hubs in countries such as Italy, Spain, and Bermuda. This expansion reflects a broader commitment to developing interconnected digital ecosystems that enhance collaboration across various markets. The initiative is also supported by the Ruschlikon initiative, which is a coalition of the world’s largest reinsurance carriers and brokers, united in their quest for digital transformation.

Sergio Ibanez, Swiss Re's eAdmin Lead for the Americas, emphasized the project’s significance for the insurance industry, reinforcing the ongoing digitization efforts. He stated, "ACORD and Ruschlikon North America's efforts are crucial in advancing digital transformations within insurance. At Swiss Re, we remain dedicated to fostering regional developments and promoting the wider adoption of ACORD Standards across North America."

Future Expansions

As part of their strategy for global connectivity, ASG plans to expand ADEPT Regional Hubs to other regions, including Dubai, Singapore, and the Nordics. These initiatives aim not only to enhance North America's insurance landscape but also to foster cross-border transactions and international partnerships.

For those interested in exploring ADEPT's capabilities in digital data exchange or to register as a user of the North America Regional Hub, additional information can be found on ACORD's website.

About ACORD Solutions Group

ACORD Solutions Group is dedicated to addressing crucial challenges within the insurance sector by delivering innovative digital solutions. With a mission to optimize the speed, cost, and accuracy of data exchange, ACORD provides insights that bridge geographical and operational gaps for stakeholders across the industry. For more about ACORD, visit their website.