The US-based Association for Co-operative Operations Research and Development (ACORD) plans to set up an Asia-Pacific insurance grouping based on its European “Ruschlikon” model which will make insurance transactions quicker and more efficient.

The first implementation meeting for the proposal will be held in Singapore in September and will involve companies ACORD hopes will join the new grouping.

ACORD director and Steadfast Executive Chairman Robert Kelly says he wants to see implementation initiatives spread to Australia.

“We will suggest they run in the future from both Sydney and Singapore,” he told insuranceNEWS.com.au.

The Ruschlikon initiative is named for the Swiss village near Zurich that houses the Swiss Re Centre for Global Dialogue. Companies involved include Munich Re, Willis, Swiss Re and Aon Benfield.

They use ACORD’s common standards to exchange data and settle premiums and claims while operating from a common software platform that keeps track of company transactions.

ACORD says companies using its standards have lowered their back-office costs by 30%, accelerated premium settlement times and reduced the unmatched cash that can be an accounting burden for insurers.