Value of Standards
ACORD’s Asia-Pacific General Insurance standards enable all stakeholders to achieve significant capability improvements across the Insurance value chain that result in optimized efficiency, effectiveness, and flexibility.
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Business Cases for the Asia-Pacific General Insurance standards include the following which support most commercial and personal lines of business as well as specialty classes bound by the London Market:
- Policy lifecycle activities including:
- New Business
- Endorsement
- Cancellation
- Reinstatement
- Renewal
- Claims lifecycle activities including:
- FNOL/FNOI
- Claim Lodgement
- Claim Inquiry
- Reporting of:
- Claims Losses
- Premium Collected
- Current Account Status
- Risks Bound
- Synchronisation of Policy and Claims data