ACORD 2009.1
What is 2009.1?
The ACORD RLC 2009.1 standard is the latest iteration of the Reinsurance Large Commercial standard from ACORD and is due to be rolled-out in the market in February 2010.
Benefits of this upgrade, which will replace the ageing “skinny” 2005.2 standard, will include:
- A single standard for London ePlacements that will be validated centrally by Lloyd's Exchange
- The extension of ePlacement capability to accommodate multi-section risks
- The ability to manage subjectivities within an ePlacement
- The ability to add more data to the core ePlacement message to provide better opportunities for Straight Through Processing
To quote the LMA:
“The new standard paves the way for the exchange of a greater depth of structured data and the implementation of more sophisticated processes and functionality using ACORD messaging through 2010”.
When are TriSystems going to be ready for it ?
TriSystems will be implementing the new standard across all of our UMG and related software products between now and November 2009. These products include the UMG Universal Messaging Gateway, UMG Forms&Workflow, UMG TransForm and UMG OnLine.
How much will it cost TriSystems' customers ?
Nothing. This upgrade is being done at no additional cost to our customers. All of TriSystems’ UMG licenses include within the annual licence and support fee “all current and future versions of the ACORD standards”.
This is a significant benefit to our customers ensuring that they will always be equipped and ready to handle the latest standards as they arrive and reap the benefits at the earliest possible opportunity.
What about customers’ bespoke developments and customisations ?
All customers who have had UMG-related integration software, adaptors, translations, forms, etc. developed by TriSystems and have elected to have these developments supported through annual support and maintenance will be entitled to have their software upgraded to include 2009.1 at no additional cost.
For more information, please CONTACT US at TriSystems
