CGU has not renewed its membership of the international insurance standards body, the Association for Co-operative Operations Research and Development (ACORD), after deciding it cannot commit resources to implementing ACORD standards this year.

The US-based non-profit association develops data standards and common-use forms to improve data communication across diverse platforms in the insurance and financial services industries around the world.

A CGU spokesman says the company remains committed to the data standards being developed by US-based ACORD and intends to adopt them “as opportunities present”.

“CGU has a number of major transformational programs currently under way,” he said. “This has impacted our ability to assign dedicated resources to ACORD and readily access subject matter expertise that is required for the development of standards; a situation that we expect to continue over the whole of 2012.”

He told insuranceNEWS.com.au that CGU does plan to re-engage with ACORD “at a time in the future when CGU is better placed to resource and implement ACORD standards”.

ACORD director and Steadfast Chairman Robert Kelly says he understands CGU has so much work under way at present that it cannot commit to development of the standards this year. 

He says he looks forward to welcoming CGU back on board in future.