Data Standard Groups Merge

London Editor

London

The insurance industrys two principal standards bodies–ACORD and WISe–announced last week that they will merge their standards-development activities on July 1 to create a globally focused, non-profit industry association that will develop and manage data standards "from consumer to retrocessionaire."

While ACORD has focused its activities on standards for personal lines, life insurance and small commercial lines, WISe has concentrated on reinsurance and larger commercial lines. As a result, the merger was a natural given the synergies involved, executives from both organizations indicated during a press conference here last week to announce the merger.

"We see this as an exciting day because its really giving the industry the opportunity to develop its e-commerce activities on a much wider basis than weve had before. In effect, its a pretty powerful force for change under the ACORD banner," said Rob White-Cooper, chairman of the London-based WISe, which was formed in 1999. He noted that the organizations had signed the deal that morning, June 20.

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