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Aon Wins Seven ACORD Awards for Implementation of Data Standards

Posted on 08 Nov 11

Aon Corporation announced that it has won seven prestigious awards for its utilization of ACORD data standards.

ACORD (the Association for Cooperative Operations Research and Development), the re/insurance industry's non-profit standards developer, honored the company at a ceremony in Fort Lauderdale, Florida, on November 3.

At the event, Aon Benfield, Aon's global reinsurance intermediary and capital advisor, was presented with the Most Compelling Case Study award for its fully integrated suite of reinsurance back-office messages using the Ruschlikon global implementation guidelines, demonstrating Aon Benfield's global commitment to the use of eCommerce and ACORD standards.

The firm also received a Round Trip of Data award in recognition of its use of ACORD's standards to exchange claim, premium and settlement data with acknowledgments received back from its messaging capable partners, completing the full cycle of back-office message processing.

Aon Benfield received further ACORD awards for RLC Leadership for its internal and external commitment to the use and advocacy of ACORD standards, and Volume of Live Transactions for its overall message transaction volume with its many messaging-capable partners.

In addition, the firm received the Most Actively Involved with ACORD award for its continued involvement in the ACORD process, from governance leadership of ACORD and commitment to driving the implementation of ACORD standards, through its dedication of resources to countless working groups of ACORD.

Ian Summers, Director of Change Strategy at Aon Benfield, received an individual Outstanding Volunteer award for his long-time involvement with ACORD and his continued industry leadership and commitment to the global implementation of ACORD standards.

Meanwhile, Aon Risk Solutions (ARS), Aon's global risk management business, received two ACORD awards, the first in the Most Compelling Case Study category for its e-Accounts system – which employs the full use of structured, ACORD standard messages for settling accounts, and builds on the application infrastructure of Accounting & Settlement (A&S) – and in the Early Adopter Framework category for e-Accounts' use of the ACORD Business Dictionary in referencing data as part of the internal mapping process (U.K.).

The ACORD Awards are presented to member companies that have demonstrated outstanding effort in advocating and implementing ACORD insurance and reinsurance standards.

Aon Benfield continues to expand its use of ACORD messages across its business partners in London, Europe and the U.S. to enhance its global implementation of the standards. Aon Benfield is now also sending ACORD messages to business partners in Bermuda.

Ian Summers, Director of Change Strategy at Aon Benfield, said: "We are very proud to have been recognized by ACORD for our adherence and advancement of its data standards both in our internal processes and externally with our clients and markets. Aon Benfield is committed to developing processes and procedures that offer real efficiencies in the re/insurance transaction, while at the same time promoting both transparency and client service. Thanks go to ACORD, its members, and all the implementers of data standards for their work to make the re/insurance industry more secure and efficient."

Lloyd Chumbley, ACORD Vice President, Standards said: "I congratulate Aon Benfield and Aon Risk Solutions for their achievements this year and on receiving several 2011 ACORD awards. They continue to show the industry how essential ACORD data standard implementations are for improving communication and integration and do so by their actions and implementations."