ACORD Electronic Endorsements Initiative
Preparations for this initiative began in December 2009 and a pilot was launched for Marine business classes in October 2010 with the engagement of the major broking houses, all Lloyd’s managing agents and 13 IUA carriers. Following the pilot evaluation, the initiative was extended to Property, Professional Indemnity and Specie classes in July 2011, with the intention to embrace all classes during the first quarter of 2012. Accordingly, on 5th March 2012, the agreement of endorsements using ACORD messaging became the London Market standard for this process, with increasing engagement from brokers and by which time the number of participating IUA carriers had risen to 26.
The progress of this initiative can be reviewed via the IUA member updates issued on this subject since December 2009 by clicking here.
The following reports are available to assist market firms in assessing their progress with this initiative relative to their peers. They are also intended to facilitate discussions between broker and carrier trading partners to promote the transition from paper based processes and embed the new electronically supported standard. These reports will be issued each month.
• ACORD endorsement volumes for each participating broker
• ACORD endorsement volumes and response times for each participating IUA carrier*
• As above for each participating Lloyd’s managing agent
* If a carrier has not received any electronic endorsement requests in a particular month, it will not appear in that month’s reports.
Participating members will additionally receive more detailed (confidential) individual reports under separate cover showing the volumes and types of endorsement messages received and sent during the previous 12 months. This will allow firms to evaluate their types of response to endorsement requests and may assist with workflow management and other operational improvements.