The Association for Co-operative Operations Research and Development (ACORD) has released an Australia standard for review.

ACORD develops data standards for the global insurance industry. The latest version of the Australian standard is being released as a “candidate “recommendation – which means members developing the specification feel it is “stable and ready for viewing by the larger community”.

The full member version includes specifications for business package; industrial special risks; home; landlords; residential strata; pleasurecraft; premium funding; remittance advice; commercial property; personal property; liability; accident; personal motor; and professional indemnity.

Program Manager Alan Stitzer says this latest version is “another big step forward” in developing an Australian insurance industry standard. 

“We are making significant progress and improvements to the data content of the standard,” he told insuranceNEWS.com.au.