{"id":30228,"date":"2024-07-04T08:51:32","date_gmt":"2024-07-04T06:51:32","guid":{"rendered":"https:\/\/stage-fp.webenv.pl\/blog\/?p=30228"},"modified":"2024-07-04T10:20:48","modified_gmt":"2024-07-04T08:20:48","slug":"navigating-data-standards-in-the-london-market","status":"publish","type":"post","link":"https:\/\/www.future-processing.com\/blog\/navigating-data-standards-in-the-london-market\/","title":{"rendered":"Navigating data standards in the London Market: essential insights by Mark Bennett"},"content":{"rendered":"\n<p><em>\u201cEveryone through the lifecycle of an insurance transaction values from getting data in a consistent fashion rather than the wild, wild west of different formats (&#8230;) ultimately needing transformations all the way through.\u201d<\/em>, said <a href=\"https:\/\/www.linkedin.com\/in\/mark-bennett-0787262b\/\" rel=\"noopener\">Mark Bennett<\/a>, Senior Vice President of Global Business Development at <a href=\"https:\/\/www.linkedin.com\/company\/acord\/\" rel=\"noopener\">ACORD<\/a> and ACORD Solutions Group.<\/p>\n\n\n\n<p>In his speech during Future Processing&#8217;s <a href=\"https:\/\/itinsights.tech\/events\/insurtalk-navigating-data-standards-at-the-london-market\" rel=\"noopener\">InsurTalk event<\/a>, centered on the theme of \u201c<em>Operationalising Standards and the Changing Patterns of Data Exchange\u201d<\/em>, <strong>Mark shed light on the importance and implementation of data standards in the insurance industry.<\/strong><\/p>\n\n\n\n<p>It is surprising to note that over 50 years ago, <a href=\"https:\/\/www.future-processing.com\/blog\/the-right-thing-to-do-the-past-the-present-and-the-future-of-data-standards-in-the-insurance-industry\/\">data standards in the insurance industry<\/a> were composed of printed documents, including 800 forms for certificates of insurance and proposal forms, which have now evolved into modern JSON digital standards, facilitating modern data exchange.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Key takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Standards are crucial for consistent data handling across the entire insurance transaction lifecycle,<\/strong> reducing the need for constant transformations.<\/li>\n\n\n\n<li>Adopting standardised data practices leads to <strong>substantial improvements in efficiency, data quality and operational processes.<\/strong><\/li>\n\n\n\n<li>Embracing standards is essential for <strong>leveraging new technologies like AI,<\/strong> which transform data exchange processes across the insurance industry.<\/li>\n\n\n\n<li>Future Processing\u2019s <strong><a href=\"https:\/\/www.future-processing.com\/insurance-industry\/\">Data Harmonisation Framework<\/a> is designed to facilitate data standardisation in accordance with the latest data governance principles.<\/strong> This robust solution enables Specialty Insurance to take advantage of all the benefits discussed during the InsurTalk event while minimising transformational risks.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><br>The crucial role of data standards in driving efficiency and innovation in the insurance sector<\/h2>\n\n\n\n<p>In the insurance industry, <strong>data standards are invaluable to every participant along the value chain,<\/strong> from the originating producer to the final stages of reinsurance, permeating through various organisational functions such as marketing, underwriting, policy administration, claims, customer management, and enterprise management. <\/p>\n\n\n\n<p><strong>Without standards, there is a wide variation in operations and numerous transformations required, which can lead to inefficiencies and inconsistencies.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector-1024x576.jpg\" alt=\"InsurTalk Mark Bennett - why do standards matter to the insurance sector\" class=\"wp-image-30231\" style=\"width:950px;height:auto\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector-1024x576.jpg 1024w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector-300x169.jpg 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector-768x432.jpg 768w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector-711x400.jpg 711w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-why-do-standards-matter-to-the-insurance-sector.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>InsurTalk &#8211; why do standards matter to the insurance market? Copyright: Mark Bennett<\/em><\/figcaption><\/figure>\n\n\n\n<p>Mark pointed out: <em>\u201cWe\u2019re all seeing an exponential growth in data, and for underwriters (\u2026), the challenge is making the most out of this data and bringing it together.\u201d<\/em><\/p>\n\n\n\n<p><strong>Standards help streamline this process, reducing the need for extensive data augmentation.<\/strong> Moreover, as the industry evolves with advancements like <a href=\"https:\/\/www.future-processing.com\/blog\/the-state-of-generative-ai\/\">generative AI<\/a>, the way data is exchanged continues to transform.<\/p>\n\n\n\n<p>Mark pointed out that <strong>ACORD&#8217;s role in managing data standards across the insurance value chain becomes increasingly pivotal,<\/strong> ensuring that the industry can adapt to and leverage these new technologies effectively.<\/p>\n\n\n\n<p>He highlighted several key advantages, like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>up to <strong>50% improvement<\/strong> <strong>in turnaround time<\/strong> by adopting digital messaging standards for organisations,<\/li>\n\n\n\n<li>a nearly <strong>70% improvement in cash flow<\/strong> by accurately allocating incoming funds,<\/li>\n\n\n\n<li>over <strong>80% increase of data quality<\/strong> by eliminating manual data entry,<\/li>\n\n\n\n<li><strong>query times reduced by more than 70%<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>These tangible benefits were demonstrated by the examples of companies such as SCOR, Swiss Re, Aon, and WTW, showcasing the practical advantages of adopting data standards.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance-1024x576.jpg\" alt=\"InsurTalk Mark Bennett - benefits of data standards in insurance\" class=\"wp-image-30232\" style=\"width:950px;height:auto\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance-1024x576.jpg 1024w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance-300x169.jpg 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance-768x432.jpg 768w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance-711x400.jpg 711w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-benefits-of-data-standards-in-insurance.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>InsurTalk &#8211; benefits of data standards in insurance. Copyright: Mark Bennett<\/em><\/figcaption><\/figure>\n\n\n\n<p><strong>This further proves how crucial implementation of data standards and data harmonisation are and highlights the importance of finding a strategic tech partner to achieve that goal.<\/strong> At Future Processing, we serve as your trusted technology and consultancy partner, and digital transformation of the insurance sector is our shared objective.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Overcoming challenges in adopting data standards<\/h2>\n\n\n\n<p>Mark addressed some <strong>common challenges faced by organisations in adopting data standards,<\/strong> particularly system integration and budget constraints. He explained <strong>how ACORD and its partners are tackling these issues<\/strong> through initiatives like ADEPT, <em>\u201ca messaging gateway [\u2026], a portal and an API enabling sender and receiver patterns on the ACORD standards,\u201d<\/em> and Ruschlikon hubs, which have been <strong>implemented in regions including Italy, Spain, Bermuda, the Middle East, and Singapore.<\/strong><\/p>\n\n\n\n<p><em>\u201cThese initiatives help organisations start with ACORD messaging, supported by system vendors already pre-configured for these standards,\u201d<\/em> he added.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.acord.org\/standards-architecture\/ruschlikon\/faq\" rel=\"noopener\">The Rushlikon initiative<\/a> was also mentioned by <a href=\"https:\/\/www.linkedin.com\/in\/cvukorep\/\" rel=\"noopener\">Cassandra Vukorep<\/a>, the Chief Data Officer for <a href=\"https:\/\/www.lloyds.com\/\" rel=\"noopener\">Lloyd\u2019s of London<\/a> and a keynote speaker at the event. She mentioned that the initiative has <strong>successfully implemented the EBOT and ECOT <a href=\"https:\/\/www.acord.org\/standards-architecture\/acord-data-standards\/Global_Reinsurance_Data_Standards\" rel=\"noopener\">ACORD Standard<\/a> specifications<\/strong> <em>\u201cwith AXA, (\u2026) Swiss Re, and they know how to actually get these benefits &#8211; those proof points are there. This is a standard. This isn&#8217;t about technology, but about the language that you use within your company. It&#8217;s through the mapping. If you know what your natural language is, you can map it to an ACORD standard.\u201d<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Looking into the future<\/h2>\n\n\n\n<p>With upcoming advancements in mind, Mark explored the<strong> integration of emerging technologies such as AI with <a href=\"https:\/\/www.future-processing.com\/blog\/data-standardisation\/\">data standards<\/a>. <\/strong>He highlighted the importance of preparing the industry for these technological changes and the potential benefits of <a href=\"https:\/\/www.future-processing.com\/services\/ai-and-ml\/ai-and-ml-consulting\/\">leveraging AI<\/a> for more efficient data exchange processes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Practical steps to start your data standardisation efforts<\/h2>\n\n\n\n<p>For <strong>organisations looking to start their journey towards data standardisation,<\/strong> Mark offered actionable advice. He recommended \u201c<em>mapping out current trading partners, assessing their readiness for ACORD standards, and prioritising implementation efforts.\u201d<\/em> He also stressed the importance of<strong> learning from peers who have already adopted these standards to avoid common pitfalls.<\/strong><\/p>\n\n\n\n<p>Mark encouraged organisations to engage with their software vendors, many of whom have already integrated ACORD standards into their systems. <strong>As an ACORD member, Future Processing helps clients succeed in their digital transformation efforts.<\/strong> Our Data Harmonisation Framework optimises organisations\u2019 data structures, aligning them with business and external requirements to deliver tangible business value.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards-1024x576.jpg\" alt=\"InsurTalk Mark Bennett - steps to consider before applying data standards\" class=\"wp-image-30233\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards-1024x576.jpg 1024w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards-300x169.jpg 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards-768x432.jpg 768w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards-711x400.jpg 711w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2024\/07\/InsurTalk-Mark-Bennett-steps-to-consider-before-applying-data-standards.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>InsurTalk &#8211; steps to consider before applying data standards. Copyright: Mark Bennett<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Conclusion<\/h2>\n\n\n\n<p><strong>All things considered, adopting data standards is not just a technological upgrade but a strategic move that can transform the insurance industry, ensuring consistency, accuracy, and efficiency across the entire value chain.<\/strong><\/p>\n\n\n\n<p>Are you interested in learning more about data standards for your company? Future Processing\u2019s <a href=\"https:\/\/www.future-processing.com\/insurance-industry\/\">Data Harmonisation Framework<\/a> is <strong>a robust solution designed to facilitate data standardisation in accordance with your stringent data governance policies. <\/strong><a href=\"https:\/\/www.future-processing.com\/contact\/\">Feel free to contact us<\/a> to discuss the possibilities for your unique business.<\/p>\n\n\n<div class=\"b-cta-banner m-gradient-light\">\n            <a href=\"https:\/\/itinsights.tech\/insurtalk\" class=\"b-cta-banner__image-container\" data-elementclick=\"article-banner\" data-elementname=\"IT Insights: InsurTalk\" rel=\"noopener\">\n            <img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"450\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights.jpg\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights.jpg 450w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-300x300.jpg 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-150x150.jpg 150w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-400x400.jpg 400w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-24x24.jpg 24w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-48x48.jpg 48w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2023\/11\/ITInsights-96x96.jpg 96w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/>        <\/a>\n    \n        <a href=\"https:\/\/itinsights.tech\/insurtalk\" class=\"b-cta-banner__url b-cta-banner__text-container\" data-elementclick=\"article-banner\" data-elementname=\"IT Insights: InsurTalk\" rel=\"noopener\">\n                    <div class=\"b-cta-banner__text\">\n                                                    <h3 class=\"f-headline-extra-big b-cta-banner__header\">\n                        IT Insights: InsurTalk                    <\/h3>\n                \n                                    <div class=\"f-paragraph\">\n                        <p>Learn more about the latest trends, challenges that leaders face and the future of insurance.<\/p>\n                    <\/div>\n                \n                                    <div class=\"o-button o-button--primary o-button--s o-button--icon-right o-button--arrow\">\n                        <span>Check out our interview series<\/span>\n                        <svg class='o-icon o-icon--16 o-icon--arrow '>\n            <use xlink:href='#icon-16_arrow'><\/use>\n          <\/svg>                    <\/div>\n                            <\/div>\n                <\/a>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>At a recent InsurTalk event organised by Future Processing, our guest speakers discussed the current data challenges and opportunities of creating a unified data management framework for the London Market.<\/p>\n","protected":false},"author":159,"featured_media":30239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[998],"tags":[],"coauthors":[1973],"class_list":["post-30228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-business-news"],"acf":{"reading-time":"5 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