Steadfast and insurance partner Berkshire Hathaway are the first companies in the world to implement a new messaging standard for home and motor products.

The standard, AML V1.0, was developed by the US-based Association for Co-operative Operations Research and Development (ACORD).

Berkshire Hathaway will underwrite Steadfast’s planned new line of retail insurance products for sale through brokers after it is launched in February.

ACORD Director of Global Development Alan Stitzer told insuranceNEWS.com.au the implementation of the home and motor standard by Steadfast is an “initial step to opening the doors for numerous other implementations of ACORD standards in Australia”.

Steadfast GM Technology Solutions Vibul Imtarnasan told insuranceNEWS.com.au the standard links Steadfast’s SVU platform to Berkshire Hathaway’s rating engine to enable straight-through processing of all policy transactions – new business, endorsements, cancellations and renewals.

“Using the standard has enabled Steadfast to re-use ACORD functionality already implemented in the SVU’s business insurance product,” he said.

“This has allowed us to minimise IT development costs and time to market.”