ACORD expands GRLC ePlacing Implementation Guide to include fac reinsurance
- January 28, 2024
- Posted by: Web workers
- Category: Finance
ACORD, the standards-setting body for the global insurance industry, has announced the latest enhancements to its Global Reinsurance & Large Commercial (GRLC) ePlacing Implementation Guide.
The newly released GRLC ePlacing Implementation Guide 1.3 now extends the reach of the ePlacing Standard to encompass facultative reinsurance. This means that the standard now facilitates electronic placement for all types of reinsurance contracts.
This expansion brings the ePlacing Standards in line with the existing GRLC Accounting (EBOT) and Claims (ECOT) Standards, which already cater to both treaty and facultative reinsurance.
The development of this updated guide is the culmination of extensive collaboration among industry experts from the GRLC and Ruschlikon communities. Their goal has been to enhance the ePlacing Standards to meet the evolving needs of the global reinsurance sector.
Looking forward, the GRLC community has outlined plans to further enhance the guide throughout 2024. This includes initiatives such as establishing standard JSON/API messages and implementing other enhancements to better serve the industry.
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