ACORD Inter-Association Advisory Council (IAAC) to focus on data standards, AI governance, and digital communication across the P&C distribution channel
ACORD announced the formation of the ACORD Inter-Association Advisory Council (IAAC), a new coalition of North American property and casualty industry associations representing independent agents, brokers, and intermediaries.
The new council will work to advance digital communication and improve market efficiency by promoting consistent, high-quality, standardized data throughout the P&C distribution channel.
“The insurance industry runs on data, and its effectiveness depends on the quality and speed of data flowing between stakeholders,” said Malou Soriano, senior vice president and global chief officer of education, consulting and advocacy at ACORD.
Coalition Includes AUGIE, CIAB, CSIO, IIABA/ACT, PIA, and WSIA
The inaugural meeting of the IAAC was held May 4 and included leaders from AUGIE Group, Council of Insurance Agents & Brokers, Centre for Study of Insurance Operations, Independent Insurance Agents & Brokers of America/Agents Council for Technology, Professional Insurance Agents, and Wholesale & Specialty Insurance Association.
ACORD said the council’s mission includes supporting the organization’s priorities involving existing and emerging data standards, forms, and digital communication frameworks across the distribution channel.
“Coordination between ACORD and the distributor community is critical to ensure data standards are developed, maintained, and integrated in the most efficient way possible,” Soriano said. “We are proud to partner with the leading distributor organizations in a step forward to advance digital data exchange and deliver coordinated guidance and frameworks to address the industry’s operational challenges.”
Addressing Emerging Issues: AI Governance, Data Stewardship, and U.S. Data Rights
The IAAC will address issues including data stewardship, artificial intelligence governance, and consistency in U.S. data rights, while also providing industry input on operational challenges affecting the distribution channel, according to ACORD.
The organization said the council also plans to identify emerging and high-growth lines of business where standardized data exchange could provide operational value and offer education and thought leadership on issues affecting the industry.
Keith Savino, CEO U.S. of Emergence Insurance and chairperson of AUGIE Group, said the council would help ensure data standards reflect operational realities in the market.
“Standards deliver the most value when they reflect the needs of the insurance community,” Savino said. “The IAAC creates a much-needed, unified voice for agents, brokers, and intermediaries to help shape data standards that improve efficiency and enable meaningful digital progress across the P&C market.”
ACORD noted that it was originally founded to facilitate communication between agents, brokers, and carriers and has evolved into a global insurance standards development organization over the past five decades.
