Web Connectivity Limited (WCL), a wholly owned subsidiary of insurtech provider Zywave, has agreed to supply its ACORD4ALL mappings to Velonetic, a joint venture between Lloyd’s, tech firm DXC and the International Underwriters’ Association.
This will be a key element that will support a critical component of the Blueprint Two programme which aims to reform the London insurance market.
Set to go live in July 2024, a key element of Blueprint Two, a programme to modernise and digitise the London market, is to align London proprietary messaging standards for processing premiums and claims to Association for Cooperative Operations Research and Development (ACORD) standards.
A service developed in partnership with Xchanging in 2008, ACORD4ALL allows London market firms to receive premiums and claims data in ACORD format as opposed to only in London-specific EDI files, WCL explained.
It converts bureau legacy message EDI files to individual ACORD GRLC XML equivalents of technical account, claim movement and financial account messaging.
WCL’s Managing Director James Willison commented: “As the largest processor of ACORD GRLC messages globally, WCL is delighted to continue our work in supporting the adoption of ACORD messages in the London market, especially given the importance of the Blueprint Two initiative to the future of the market.”
