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ACORD

ACORD, formally known as the Association for Cooperative Operations Research and Development, is a global nonprofit organization founded in 1970 that serves as the primary standards-setting body for the insurance and related financial services industries.^[1] It develops electronic data standards, standardized forms, and supporting tools to enable seamless information exchange among insurers, reinsurers, brokers, agents, and technology providers worldwide.^[1] Established in the United States during a period of growing need for operational efficiency in the insurance sector, ACORD emerged from collaborative efforts by insurance companies to address challenges in data processing and communication.^[2] Over more than five decades, it has evolved into an international entity with offices in New York and London, engaging stakeholders across over 100 countries to drive industry-wide improvements in the insurance value chain.^[1] ACORD's core mission is to enable the success of the global insurance industry by facilitating the flow of data and information through relevant, timely standards that enhance efficiency and strategic positioning.^[1] Its membership encompasses thousands of organizations, including insurance and reinsurance companies, agents, brokers, software vendors, financial services firms, and industry associations, totaling over 36,000 participating entities globally.^[1] Key activities include the creation and maintenance of a comprehensive library of standards, such as XML-based messaging protocols and ACORD forms, which standardize policy issuance, claims processing, and other transactions to reduce errors and accelerate workflows.^[3] The organization's standards have demonstrated significant impact, improving data quality, streamlining operations, and generating billion-dollar savings for the global insurance industry through better interoperability and reduced manual processing.^[1] Notable contributions include facilitating over 275 million annual message transactions and enabling the download of more than 3 million forms in the past decade, underscoring ACORD's role in modernizing insurance technology and supporting digital transformation initiatives.^[4]

History

Founding and Early Development

ACORD was established in September 1970 by a group of insurance carriers and agents, including major insurers such as Travelers and Hartford, to tackle the inefficiencies caused by fragmented forms and excessive paperwork in the U.S. property and casualty (P&C) insurance sector.^[5] The launch occurred at the 74th annual conference of the National Association of Insurance Agents in Miami Beach, Florida, building on earlier efforts like California’s Agency-Company Project from the 1960s, which highlighted the need for industry-wide coordination.^[5] Bill Smith, then CIO of Fireman’s Fund Insurance Company, served as the organization's first Executive Director.^[5] The primary goals of ACORD at its inception were to develop uniform paper-based forms that would streamline administrative processes, reduce duplication in documentation, and enhance efficiency across key operations such as quoting, policy binding, and claims processing in the P&C market.^[6] Early operations were based in California, providing a central base for coordinating these efforts among carriers, agents, and related stakeholders, before the headquarters was established in New York in 1978.^[5] ACORD's first major output came swiftly in 1971 with the release of its initial standardized forms, including ACORD 1 (Property Loss Notice) and ACORD 2 (Automobile/Other Loss Notice), which targeted claims administration in both commercial and personal lines of P&C insurance.^[5] These forms marked a foundational step toward uniformity, addressing the chaos of proprietary paperwork that had previously hindered interoperability and increased operational costs for insurers and agents.^[7]

Expansion into Electronic Standards

In the late 1970s, ACORD shifted its focus toward electronic standards to enable automated computer-to-computer data exchange in the insurance industry, addressing the limitations of manual paper-based processes and laying the groundwork for greater efficiency in data handling. This initiative complemented the organization's existing paper forms by standardizing electronic transmissions, initially targeting property and casualty (P&C) insurance to streamline interactions between agents, carriers, and other stakeholders.^[5] During the 1980s and 1990s, ACORD broadened the scope of its electronic standards beyond P&C to encompass life, annuity, health, surety, and reinsurance markets, reflecting the growing need for interoperability across diverse insurance sectors. A key milestone came in 1981 with the publication of the first ACORD EDI/AL3 standards, which included formats for homeowners (301), personal auto (302), business auto (501), and common policy data (902), facilitating batch electronic data interchange for policy administration and commissions. These developments marked a pivotal transition from paper to digital workflows, reducing errors and processing times in inter-company communications.^[5]^[8] The evolution continued into the early 2000s with the adoption of XML-based standards, culminating in the release of ACORD XML 1.0 in 2000, which provided a more flexible and web-enabled framework for data exchange compared to earlier flat-file formats like AL3. This shift supported real-time messaging and integration with emerging technologies, such as web services, enhancing the ability to share structured insurance data across systems. Concurrently, ACORD began global outreach in the 1990s, establishing UK operations in 1996 to adapt standards for international markets and promote adoption in regions like Europe. By the early 2000s, these efforts had resulted in over 1,000 transaction sets covering essential functions such as quoting, policy issuance, endorsements, and claims processing.^[9]^[6]^[10]

Recent Milestones and Awards

In 2023, ACORD relocated its headquarters to Little Falls, New Jersey, to accommodate expanded operations and support its growing role in industry standards development.^[11] A significant milestone came in 2018 with the launch of Insurwave, the world's first blockchain platform for marine insurance, developed in partnership with EY, Guardtime, Microsoft, and Maersk as the pilot client; ACORD highlighted its adoption by marine industry members to streamline hull insurance processes.^[12] In 2021, ACORD Solutions Group's ADEPT (ACORD Data Exchange Platform and Translator) received the Insurance Innovator Award from PropertyCasualty360, recognizing its contributions to modernizing property and casualty insurance through efficient data exchange.^[13] ACORD advanced London Market modernization in 2023 by releasing the Contract, Risk, and Pre-Accounting (CRP) data messaging standard, which facilitates efficient exchange of insurance contract details and includes updates aligned with the Insurance Product Information Template (IPIT) for enhanced product transparency.^[14] As of September 2025, ACORD reported over 300% growth in reinsurance digital transactions via ADEPT since 2023, with a 73% year-over-year increase from 2024, underscoring the platform's impact on global reinsurer connectivity.^[15] In October 2025, ACORD Solutions Group launched an Automated Sanctions Screening Service to enhance compliance processes in insurance. Additionally, on October 23, 2025, ACORD partnered with St. John's University to offer executive education programs for insurance industry organizations and employees. Projections indicate U.S. commercial insurance direct premiums written will reach $586 billion by year-end 2025, with the excess and surplus (E&S) lines share expanding to 23%.^[16]^[17]^[18]

Organizational Structure

Governance and Membership

ACORD operates as a not-for-profit corporation established under U.S. law, dedicated to fostering efficiency in the insurance and related financial services industries through collaborative standards development.^[19] Its governance is overseen by a Board of Directors, typically comprising 3 to 35 members elected from industry representatives including insurance carriers, reinsurers, agents, brokers, and technology vendors, ensuring balanced input from key stakeholders across the insurance value chain.^[20] The Board manages strategic direction and appoints committees to handle operational aspects, such as an Executive Committee consisting of the Chair, Vice-Chair, President, and additional Directors, which supports decision-making on organizational matters.^[20] Membership is structured into distinct categories to promote broad industry participation while delineating rights and responsibilities. Regular Members, which include insurance and reinsurance companies, agents, brokers, and eligible non-insurance entities, hold voting rights—one vote per organization, exercisable in person or by proxy—allowing them to influence corporate governance, including Board elections and amendments to bylaws requiring majority approval from eligible voters.^[20]^[21] Associate Members, encompassing software providers, consultants, technology firms, user groups, and government entities, participate without voting privileges but gain access to standards, resources, and collaborative opportunities.^[20] Affiliate status supports international entities seeking involvement in global standards, further extending ACORD's collaborative reach.^[22] Key governance bodies include specialized standards committees, such as the Forms Committee and Technical Standards Committee, where members propose, review, and vote on new or updated standards—typically by simple majority in quorum-attended meetings—to maintain relevance and industry consensus.^[23] Annual events like ACORD Connect facilitate member input, networking, and discussions on emerging priorities, reinforcing collaborative decision-making.^[24] ACORD's global footprint includes U.S. headquarters in Little Falls, New Jersey, and a London office to support international operations, engaging over 36,000 participating organizations across more than 100 countries as of 2025.^[25]^[1] Funding sustains ACORD's neutrality and independence, primarily derived from membership dues scaled by organizational gross revenue—such as a minimum of $13,519 per term for certain programs—and certification fees for forms licensing, ensuring resources align with member contributions without commercial bias.^[21] This model, combined with an open, consensus-driven process, upholds impartial standards development benefiting the entire ecosystem.^[3]

Leadership and Operations

ACORD's executive leadership oversees the organization's strategic direction and operational execution. Following the resignation of President and CEO Bill Pieroni in April 2025, CEO responsibilities have been shared on an interim basis by Chris Newman, then President International, and Tanya Krochta, Executive Vice President and Chief Operating Officer. In September 2025, Newman was appointed CEO of ACORD Solutions Group, the organization's technology subsidiary. As of November 2025, no permanent successor to the President and CEO role has been announced.^[26]^[27]^[28]^[29] The organization operates through dedicated divisions, including Standards Development, which focuses on creating and evolving electronic data standards; Certification Services, which validates compliance; and ACORD Solutions Group, which provides practical implementation tools for members. These divisions ensure seamless data exchange and workflow efficiency for over 36,000 participating organizations worldwide.^[4]^[3] Certification processes form a core operational function, with the ACORD Certified Expert (ACE) program designating professionals who demonstrate deep expertise in standards implementation through rigorous examinations on industry knowledge and technical application. Additionally, software vendors undergo certification via ACORD's Testing & Certification program, which verifies proper handling of ACORD messages for specific insurance processes, promoting reliable integration across systems.^[30]^[31] Daily operations center on maintaining a comprehensive repository of over 1,200 standardized transaction types, enabling consistent data handling from policy issuance to claims settlement, with annual updates derived from member feedback to address evolving industry needs.^[10] International operations emphasize coordination between U.S.-based headquarters in New Jersey and the UK office in London to achieve global harmonization of standards, such as through joint workshops involving representatives from both regions to refine processes like eAccounting and claims handling. This collaboration supports more than 850 variants of standardized forms tailored to regional requirements while maintaining core uniformity.^[32]^[33]

Standards and Forms

Standardized Forms and Certificates

ACORD's standardized forms and certificates serve as uniform documents for insurance policy applications, endorsements, certificates of insurance, and claims, enabling consistent data capture across the industry to minimize errors and accelerate processing.^[34]^[35] These forms standardize information exchange between insurers, agents, brokers, and policyholders, supporting efficient workflows in property and casualty (P&C), life, health, and reinsurance sectors. By providing a common language for documentation, they reduce administrative burdens and facilitate compliance with regulatory requirements.^[4] Among the most prominent forms are the ACORD 25 Certificate of Liability Insurance, introduced in the early 1970s as part of the organization's initial standardized certificate offerings, and the ACORD 27 and 28 forms for evidence of property insurance. The ACORD 25, regularly updated to reflect industry and regulatory changes, documents commercial and general liability coverage details for third-party verification.^[36]^[37] In contrast, the ACORD 27 provides proof of property insurance for parties with financial interests, such as lenders in residential contexts, while the ACORD 28 addresses similar needs for commercial property. ACORD maintains 614 forms and variants as of November 2025, tailored to various lines of business, including P&C, life, health, and reinsurance applications.^[38]^[35]^[39] These certificates are widely required by clients, vendors, and lenders as proof of coverage, typically presented as concise one-page summaries that outline policy limits, effective and expiration dates, insured parties, and coverage descriptions. For instance, the ACORD 25 summarizes liability policy elements to confirm contractual insurance obligations without granting additional rights to the certificate holder. This format streamlines transactions by allowing quick verification of coverage status, often demanded in business contracts, leases, or construction projects.^[40]^[39]^[2] Originally developed as paper documents in the 1970s— with ACORD's first form released in 1971—these standards have evolved into digital formats, including printable PDFs, electronic fillable versions, and XML-enabled eForms for seamless integration with insurance management systems. In October 2024, ACORD released the Standardized Life Insurance Application, comprising up to 12 forms (ACORD 701 through 712), approved by the Interstate Insurance Compact in 47 jurisdictions to streamline underwriting and approvals.^[41] This progression supports automated data exchange while maintaining compatibility with electronic standards. ACORD files its P&C forms with state insurance departments on behalf of licensed users, ensuring approval across all U.S. jurisdictions, and the standards have been adopted by the Lloyd's of London market for consistent documentation and reporting.^[34]^[42]^[43] To emphasize their informational role, ACORD certificates incorporate clear disclaimers stating they do not constitute insurance policies, endorsements, or amendments, and confer no rights upon the certificate holder beyond the underlying policy terms. This language prevents misrepresentation and underscores that certificates serve solely to summarize existing coverage without altering contractual obligations.^[39]^[44]

Data Exchange and Messaging Standards

ACORD's data exchange standards primarily revolve around XML schemas that enable structured, interoperable communication of insurance data across the industry. These schemas cover multiple sectors, including property and casualty (P&C), life and annuity (L&A), global reinsurance and large commercial (GRLC), and regional markets like Southern Africa. They support over 1,200 standardized transaction types, facilitating key workflows such as quotes, policy bindings, payments, endorsements, and claims submissions.^[10]^[3] At the core of these standards are precise element-level data definitions, which specify formats for critical components like policy numbers, premium amounts, coverage details, and risk information to ensure consistent interpretation and reduce errors in data transfer. The ACORD XML Naming and Design Rules (NDR) govern schema architecture, naming conventions, and implementation guidelines, promoting uniformity while allowing for domain-specific extensions. Backward compatibility is maintained through structured version control rules, enabling seamless updates without breaking existing integrations.^[45] Messaging protocols under ACORD standards support real-time electronic interchange, primarily via SOAP-based web services derived from the ACORD Messaging Library (AML), which packages XML payloads for reliable transmission. The Next-Generation Digital Standards extend this framework to modern architectures, incorporating RESTful APIs, JSON formats, and microservices for lightweight, API-driven exchanges, with alignments to broader financial protocols like ISO 20022 in shared principles for structured messaging.^[46]^[47]^[48] These standards find application in core insurance systems, including automated quoting engines for rapid rate comparisons, policy administration platforms for lifecycle management, and reinsurance placement tools for risk transfer coordination. Specialized extensions address emerging needs, such as telematics standards that standardize XML packaging for vehicle event data, streams, and summaries in usage-based insurance programs.^[49]^[3] ACORD maintains these standards through an open, member-driven process involving proposals, reviews, and voting, culminating in regular releases to incorporate industry feedback and technological advancements. For instance, the [L&A](/page/L(a) XML standards saw a major update to version 2.47.00 in December 2023, with further releases including version 2.48.00 in December 2024, while P&C AL3 standards receive enhancements through semi-annual releases, including the 2025-1 candidate in June 2025; semi-annual updates to Next-Generation Digital Standards ensure ongoing evolution with minimal disruption.^[50]^[51]^[46]

Current Initiatives

Digital Platforms and Tools

ACORD's digital platforms and tools facilitate the implementation of its standards in modern insurance workflows, enabling seamless data exchange across the global industry. The flagship solution, ADEPT (ACORD Data Exchange Platform and Translator), launched in early 2021, serves as a cloud-based system that translates legacy data formats into contemporary standards, supporting processes in reinsurance, large commercial insurance, and related sectors.^[52]^[53] By providing real-time data translation and secure, decentralized storage, ADEPT reduces the need for manual rekeying and enhances interoperability among trading partners.^[53] Complementing ADEPT, ACORD offers tools for specialized automation, including ACORD Transcriber, which automates the population, extraction, and processing of data from ACORD forms and other insurance documents using intelligent document processing.^[54] In October 2025, ACORD Solutions Group introduced an Automated Sanctions Screening Service integrated into Transcriber, which extracts relevant data from placement documents and interfaces with systems like LexisNexis to ensure compliance with regulatory sanctions requirements.^[55] These tools build on ACORD's underlying XML-based messaging standards to streamline digital form generation and regulatory adherence.^[54] Key features of these platforms include API integrations for real-time connectivity, cloud-based translation services, and workflow automation that accelerate data exchange while maintaining security and validation.^[53] ADEPT specifically supports global reinsurance operations and London Market processes, such as placing and accounting, by enabling standardized data flows compliant with ACORD's Global Reinsurance & Large Commercial (GRLC) standards.^[56] Users have reported operational benefits, including an 80% improvement in data quality and a 60% reduction in manual entry efforts through member testing in the GRLC Standards community.^[15] Adoption of ADEPT has grown significantly, with global reinsurance digital transactions via the platform increasing by more than 300% since 2023, including a 73% year-over-year rise from 2024 to 2025.^[15] By 2024, ACORD Solutions Group had onboarded its 250th client, encompassing major carriers and brokers worldwide.^[57] In October 2025, Echo Re adopted ADEPT to receive digital accounting and claims messages from Gallagher Re, further illustrating the platform's expanding use in reinsurance workflows.^[58] These metrics underscore ADEPT's role in reducing turnaround times by up to 50% for data processing in reinsurance workflows.^[59] Looking forward, ACORD is integrating artificial intelligence into its platforms, such as AI-enabled models in ADEPT for predictive data mapping and enhanced digitization of documents like broker claim advices, further optimizing accuracy and efficiency in data exchange.^[60]^[61]

Partnerships and Collaborations

In 2018, ACORD partnered with DataPro to develop software that streamlines the implementation of insurance data standards, particularly for commercial insurance brokers seeking efficient data integration.^[62] This collaboration aimed to reduce manual processes and enhance interoperability in data exchange for the commercial lines sector.^[62] That same year, ACORD collaborated with Marsh, IBM, and ISN on a blockchain-based solution to deliver the first commercial proof-of-insurance application, focusing on secure and automated verification for business insurance certificates.^[63] This initiative demonstrated early adoption of distributed ledger technology to improve transparency and efficiency in insurance documentation, laying groundwork for broader blockchain applications in the industry.^[63] ACORD's messaging standards have been integral to Lloyd's of London's electronic placing processes since the early 2010s, with initial pilots for e-messaging endorsements conducted in 2010.^[64] These efforts were further advanced in 2023 through partnerships supporting Lloyd's Blueprint Two, enabling standardized e-messaging for accounting and claims in the London Market.^[65] In 2025, ACORD launched the Global Reinsurance & Large Commercial (GRLC) Generation 2.0 Standards as part of community efforts to enhance reinsurance interoperability, providing a unified framework for digital data exchange from placing to claims settlement.^[66] These standards promote straight-through processing and data quality among insurers, brokers, and reinsurers globally.^[66] In June 2025, ACORD Solutions Group partnered with mea Platform to integrate ADEPT, enabling automated underwriting, real-time data exchange, and streamlined workflows across policy administration, claims, and placing for global insurers.^[67] Within the broader ecosystem, ACORD engages in working groups with software vendors such as Guidewire to ensure compliance with its standards, including integration of ACORD messaging for accounting and claims transactions via platforms like ADEPT.^[56] Similar efforts with Duck Creek involve ACORD XML-based solutions to support policy administration and claims processing in compliant software environments.^[68]

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