ADEPT Placing is designed to streamline the exchange of placing data between insurers and brokers. By providing a single, standardised interface, this solution aims to reduce costs, improve efficiency, and enhance data accuracy.
The new capability will allow insurers and brokers to connect seamlessly, regardless of the platforms they use. ADEPT Placing acts as a universal hub, enabling the exchange of placing data between various systems, including PPL, Whitespace, PlacingHub, and market firm-owned platforms like Aon’s ABConnect and Guy Carpenter’s GC Marketplace.
“We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity,” said Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee. “With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment.”
ADEPT Placing gives insurers a one-to-many system to receive placing event data from quotation through to signed line advice information, reducing the need for multiple integrations and time-intensive mapping. It is fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, giving insurers one consistent data format to use with all broker placing portals. ADEPT Placing also benefits brokers by providing a single ACORD GRLC-compliant interface to exchange standardized data with various placing platforms, for quicker and easier reconciliation.
“This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population,” Squires continued. “The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries.”
ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organizations at all levels of digital maturity. If placing data is received via email rather than digital data transfer, ADEPT will use ACORD Transcriber’s comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardized digital data payload.
“Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs,” said Chris Newman, President International, ACORD Solutions Group. “Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints.”
“With the global ecosystem digitalizing at an accelerating rate, it’s time to tackle placing as the next digital frontier,” added Newman. “With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimize the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardization from front to back office.”
More information about ADEPT and the future of placing will be available at the upcoming ACORD Solutions Group Horizons event, “A Placing Revolution” on Tuesday, November 26, featuring speakers from ACORD Solutions Group, AXA XL, and Marsh. Register to attend virtually or in-person to learn more about ADEPT’s capabilities and see it in action with live demos focused on both insurers and brokers.