Open data standards move closer
A meeting in Sydney last week has set the scene for the future introduction of open data standards in the Australian insurance market.
The meeting between brokers, insurers and representatives of the New York-based Association for Co-operative Operations Research and Development (ACORD) laid some ground rules for participants to follow.
Open data exchange standards would simplify communication between different areas of the industry.
ACORD Senior Vice President John Kellington and Vice President Membership and Standards Denise Garth say the next move is for participants to form an advisory committee to “plan and prioritise”.
ACORD will also base an employee in Australia to assist in the process and provide access to resources.
“We’re not starting with a blank sheet of paper,” Ms Garth told insuranceNEWS.com.au. “Our experience in the US and places like the London market are relevant to the market here.”
She says the integration process also has brings “immediate internal value” to individual companies. “We’re very happy to have been invited to play a part in what’s going to be a very exciting and promising project.”
The meeting between brokers, insurers and representatives of the New York-based Association for Co-operative Operations Research and Development (ACORD) laid some ground rules for participants to follow.
Open data exchange standards would simplify communication between different areas of the industry.
ACORD Senior Vice President John Kellington and Vice President Membership and Standards Denise Garth say the next move is for participants to form an advisory committee to “plan and prioritise”.
ACORD will also base an employee in Australia to assist in the process and provide access to resources.
“We’re not starting with a blank sheet of paper,” Ms Garth told insuranceNEWS.com.au. “Our experience in the US and places like the London market are relevant to the market here.”
She says the integration process also has brings “immediate internal value” to individual companies. “We’re very happy to have been invited to play a part in what’s going to be a very exciting and promising project.”