In short

• Global association ACORD is driving data standardisation across the insurance industry through its Global Advisory Council (GAC), created in February 2024.
• Already, 20 of the top 25 global reinsurers have joined the council, along with regional organisations such as the Singapore Reinsurers’ Association.
• The GAC aims to standardise data at all levels of the industry and across associations, driving efficiencies and enabling better compliance.

Several years ago, The Economist magazine famously described data as the “new oil”. As data volumes increase and as data analysis has become increasingly important to the insurance industry, so has the issue of data standards.

Rigorous standards for data enable accurate benchmarking and comparison, while driving more efficient collection and transfer of data between reinsurers, insurers and other stakeholders.

Data standardisation, then, might be described as creating a common language that aggregates data from diverse sources and makes it easier to interpret and use.

This has been a key driver for global standards body ACORD (Association for Cooperative Operations Research and Development) to launch an initiative to standardise data across reinsurance and insurance.

Announced in February this year, ACORD’s Global Advisory Council (GAC) data standardisation project includes members from 20 of the top 25 global reinsurers, along with regional industry bodies such as the Singapore Reinsurers’ Association.

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