ACORD Solutions Group launches ADEPT Regional Hub in Bermuda

ACORD Solutions Group has launched the ADEPT Bermuda Regional Hub, a new digital solutions hub for the global insurance industry.

AS part of the launch, ACORD Solutions Group will offer one million free digital messaging transactions in 2025 to every new Bermuda-based client this year.

The ADEPT hubs (ACORD Data Exchange Platform and Translator) facilitate the seamless global exchange of placing, accounting, and claims data between stakeholders with all levels of digital capabilities.

The Hubs were initially launched in western Europe as part of the Ruschlikon initiative. The Bermuda hub is the first in a series of new digital data exchanges in current and emerging global re/insurance centres.

“Bermuda is well known as a hotspot for the reinsurance and specialty markets, and giving new users one million free transactions will further accelerate the digitalization of this market,” said Chris Newman, President International, ACORD Solutions Group.

He continued: “After seeing the success of ADEPT for messaging across the value chain, we’re excited to launch the first non-European-based hub, with plans to continue expanding this initiative in areas such as Singapore, Dubai, and North America.”

With ADEPT, organisations will be able to digitally exchange messages across the full scope of the re/insurance and specialty market, significantly saving time, cost, and manual effort.

ADEPT messaging is fully compliant with the ACORD Global Reinsurance & Large Commercial (GRLC) Standards, widely used throughout the industry.

“ACORD Solutions Group has been instrumental in driving greater awareness and adoption of standardized data exchange, and supporting our industry’s shared modernization goals,” said Nicole Kellenberger, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee.

She continued: “The Regional Hub model has proved successful in Italy and Spain, helping firms to transition from email-based transactions to a fully digital workflow, with lower-than-expected adoption costs.”

Newman added: “ADEPT’s intuitive user interface and API-ready framework make it seamless for firms to get on board and enjoy the benefits of standardized data exchange.

“Our GRLC Standards community has reported up to 70% reduction in unallocated cash, 80% improvement in data quality, and 60% reduction in manual effort to process claim transactions. We want to see the entire global industry realize these efficiency gains.”

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