In the re/insurance industry, data standards that ensure structured, high-quality, and interoperable information are vital for artificial intelligence (AI) models to function effectively, according to Somesh Mukherjee, VP, Solutions Architecture at ACORD Solutions Group.
Mukherjee noted that as AI becomes central to the industry’s evolution, one fact is clear: AI is only as powerful as the data it learns from—and that data must speak a common language. Without well-structured, high-quality, and interoperable data, even the most sophisticated algorithms can produce biased, opaque, or unreliable results.
This makes insurance data standards pivotal. Standardisation ensures data is accurate, complete, and comparable across systems, supporting explainable AI models that regulators and stakeholders can trust. It also enables integration across legacy systems, cloud platforms, and third-party tools, facilitating enterprise-wide AI adoption without reinventing the data wheel.
Many insurance stakeholders are already using tools to enable intelligent automation and support ongoing transformation—tools enabled by structured, interoperable data environments established through ACORD Data Standards.
For example, ACORD Solutions Group’s ADEPT data exchange platform incorporates ACORD Transcriber, an AI-native Intelligent Document Processing (IDP) solution that converts non-standardised documents into validated ACORD GRLC Standard-compliant messages. ADEPT supports more than 50 ACORD Transcriber AI models to automate the ingestion, transformation, and validation of accounting and claims data between brokers, cedents, and reinsurers.
The ACORD Transcriber AI extraction models are trained on the ACORD GRLC data schematics to optimise parsing fidelity and achieve semantic alignment. This enables highly accurate data extraction and scalable automation of document ingestion, transformation, and validation workflows across reinsurance and brokerage ecosystems.
In addition, ACORD Transcriber uses natural language processing (NLP) and large language models (LLMs) to convert unstructured insurance documents into structured, standards-aligned data. This process not only digitises legacy workflows but also enforces consistency with ACORD standards, detecting and correcting deviations in real time.
ADEPT allows carriers and brokers to exchange data seamlessly—even if their internal systems are not natively ACORD-compliant. AI bridges these gaps by mapping proprietary formats to ACORD standards, accelerating adoption and harmonisation.
ACORD reported that by using ADEPT’s AI models to digitise broker claim advices, reinsurer SCOR achieved a 60% reduction in manual effort, an 80% improvement in data quality, and a 50% reduction in turnaround time for processing claim payments.
