This reciprocal membership agreement aims to improve efficiency and collaboration within the Middle Eastern insurance market.

DIFCIA is a founding member of ACORD’s Global Advisory Council and represents a broad network of insurance professionals across the region. Through this partnership, DIFCIA members will gain greater access to industry peers and contribute to the development of standardised data exchange formats. This should help to streamline insurance processes throughout the Middle East and connect the region more effectively with global insurance hubs like London and Singapore.

The partnership was announced at the second meeting of the ACORD Global Advisory Council (GAC), which was hosted by the DIFCIA at their offices in Dubai.  This council brings together leaders from across the insurance industry to promote consistent data exchange across established and emerging insurance markets. DIFCIA’s founding membership in the council reflects its commitment to driving digital transformation within the insurance sector.

Dave Matcham, GAC Chai and Chief Executive, International Underwriting Association of London (IUA), commented:  “On behalf of the ACORD Global Advisory Council, I’d like to thank the DIFCIA for their ongoing contributions to the group, it’s clear that forward-thinking insurance organisations in Dubai, as in other global hubs, are keen to experience the benefits of global data standards as they look to transform their markets.”

Chris Newman, President International, ACORD, added: “As ACORD continues its work increasing efficiencies for global data exchange, it is a pleasure to have the ongoing leadership and representation of the DIFC Insurance Association, our reciprocal membership with the DIFCIA allows our organisations to serve our community even more effectively, as we continue driving digitalization across new geographies and stakeholders.”