Standards-setting body ACORD and insurance group Howden have announced that ACORD Standards for digital accounting and invoicing are live and operational in the UK retail insurance market. This marks the first time ACORD digital accounting standards are being used in the UK outside of the specialty and re/insurance market.

The ACORD Global Reinsurance & Large Commercial Standards are intended to help organisations share placing, accounting, and claims data for end-to-end processing from pre-bind to post-bind in a single, uniform format. Through standardisation, insurers, brokers, and service providers can increase efficiency, interoperability and data quality, while supporting the adoption and implementation of emerging digital-first systems both internally and across trading partners.

This functionality is now available to retail insurers and brokers as a result of the collaboration between Howden and ACORD. The insurance group implemented the ACORD Standards for digital invoicing using ACORD Solutions Group’s ADEPT data exchange platform and translator as a messaging gateway and portal with their retail insurer partner, Hiscox. Through the ADEPT receiver portal, Hiscox can respond to the digital invoices Howden sends in real time.

Howden says that due to the success of the GRLC standards in the UK, it has built a roadmap of retail insurers it wants to partner with in the future to digitally exchange invoicing data, continuing its leverage of ACORD Standards across the UK and elsewhere.

Guy Turner, head of IBA, business services group, Howden, said: “We are pleased to be expanding our partnership with ACORD to drive real change in the UK retail insurance market. The adoption of ACORD’s digital accounting standards will transform outdated reconciliation processes into the same streamlined, scalable solutions that are evident in the reinsurance and specialty markets. We don’t just see this as modernisation, it’s a fundamental shift that will enhance how brokers, underwriters, and clients connect to the benefit of all.”