ACORD expands digital standards to UK retail insurance

By Vriti Gothi

ACORD, the global standards body for the insurance sector, together with international insurance group Howden, has confirmed that ACORD’s digital accounting and invoicing standards are now live within the UK retail insurance market.

The development marks the first time these standards have been used outside the UK’s speciality and (re)insurance segment, with the move expected to open the door to broader adoption across the wider industry.

The ACORD Global Reinsurance & Large Commercial (GRLC) Standards were originally designed for the speciality and reinsurance markets, enabling organisations to exchange placing, accounting and claims data in a consistent format from pre-bind through to post-bind stages. By setting a unified framework for data exchange, the standards are intended to help insurers, brokers, and service providers raise operational efficiency, improve data quality and enhance interoperability, while also supporting the shift towards fully digital systems across the market.

While many large global (re)insurers and brokers have long relied on ACORD Standards in the UK, this development extends their reach to retail insurers and brokers for the first time. The progress comes through Howden’s ongoing collaboration with ACORD and follows the operational launch of ACORD’s digital invoicing standards via the ACORD Solutions Group’s ADEPT (ACORD Data Exchange Platform & Translator).

ADEPT is a cloud-native data exchange platform that connects parties through a modern API framework and supports both XML and JSON messaging formats. By adopting ADEPT, Howden has created a gateway and portal to exchange digital invoicing data with its retail insurance partner, Hiscox. The system allows Hiscox to receive and respond to invoices from Howden in real time, integrating with existing processes while removing the need for multiple legacy technologies.

With one standardised platform, Howden can now run the same ADEPT workflows for retail insurance providers as it does for global speciality and reinsurance markets. The result is greater consistency and efficiency in invoicing, with an ambition to set a new benchmark for the digitisation of accounting processes across the insurance sector more broadly.

Following the initial implementation with Hiscox, Howden plans to expand its use of ACORD’s standards for digital invoicing to a wider network of retail insurers in the UK and internationally, supporting the broader ambition of a more connected, transparent and efficient insurance market.

Chris Newman, President International at ACORD, said, “Howden has been a long-standing and valued partner of ACORD, and this milestone marks a significant advancement in our collaboration. As a firm consistently at the forefront of innovation across the insurance industry, Howden is not only embracing digital transformation but actively shaping its future. The adoption of ACORD Standards in the UK retail insurance market reflects years of shared commitment to modernisation and underscores the strength of our truly global partnership, spanning markets across all seven continents. We look forward to continuing our work with Howden to reach even more markets worldwide, driving greater connectivity, efficiency and innovation across the insurance ecosystem.”

Guy Turner, Head of IBA – Business Services Group at Howden, said, “At Howden, 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 speciality 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.”