For carriers, the ACORD Form Publisher lets them manage wordings centrally to ensure that all products traded by underwriters are compliant. It also provides carriers with a means to standardise their wordings using the latest ACORD GPD standards framework.
Brokers can use the ACORD Form Publisher to create their own branded contracts and submission templates, defined by class and type of business, which can be completed with the applicable clauses or wordings to be stored in a managed library and made available for collaboration or placement.
Features and Benefits
ACORD Data Dictionary
All contract data fields are based on an ACORD GPD data dictionary consisting of more than 700 elements.
Benefit: Can be easily integrated to customers' back-office and administrations systems
Templates
Users have a choice of either a suite of standard insurance and reinsurance GPD templates or a blank template, both fully customisable.
Benefit: Users have the ability to create fully bespoke contract templates for any type of class of business.
Multi-section Contracts
In addition to creating bespoke contracts, users can section the contract in any desired way.
Benefit: Aids build of complex insurance and reinsurance contract templates.
Contract Library
All contracts and contract templates can be stored in the contract library which is searchable by class, type and jurisdiction.
Benefit: Web based contract library provides efficiency and compliance tool, making available only those contracts published for external use. A File Repository sits alongside the contract library where clauses can be stored and accessed.
Version Controls
Users can compare different versions of a contract template.
Benefit: Users can easily identify all changes made to the contract templates.
Audit Trail
All changes to contract templates, including who changed what and when, are recorded and stored.
Benefit: Identifies the evolution of a contract template.
Contract Validation
Users can validate contract templates and documents against Market Reform recommendations for each type and class of business.
Benefit: Supports technical checking of contract wording.
Branding
ACORD Form Publisher licence holders can brand their own contracts.
Benefit: It preserves the corporate identity.
Interested?
For further information or to arrange a demonstration, please contact:
Kelly Fegan
Managing Director, Business Development
kelly.fegan@ri3k.com
+44 (0) 20 7400 3510
ACORD Data Dictionary
The ACORD Form Publisher offers the relevant Global Placing Document (GPD) fields and RLC dictionary data items for each and every class of business, allowing companies to manage and share those contract documents required by their users and customers.
It sits on a comprehensive ACORD GPD standards-based data dictionary of fields and their data attributes. It can look up contracts/clause libraries and wordings repositories to make it easy for users to design and store bespoke products, contracts and submission templates. Such templates can be controlled centrally by contract managers and distributed amongst their organisations through process controls.
Branding
The ACORD Form Publisher allows customers to maintain their own product differentiation whilst still trading over the RI3K Marketplace. This is not restricted merely to company branding, but to the fields and order of fields within the document, which can be organised precisely to fit the corporate requirement.
Management information
Where contracts have been built in the ACORD Form Publisher and then placed on the Marketplace, RI3K automatically stores copies of traded documents and records of their counterparties in a separate file store. The bound contracts file store provides a valuable source of management information and audited records for companies wishing to interrogate copies of traded risks.
File Repository
The on-line file repository, managed within the ACORD Form Publisher, is a service which supports the Collaboration Service, ACORD Form Publisher and core placement module (Marketplace). Documents can be tagged, stored and searched to support the insurance and reinsurance placement processes.
The File Repository can interface with other repositories or applications and is particularly valuable in support of product design, where ACORD based templates can be built and managed and then completed by accessing the relevant clause of wording content held in a variety of sources.
DRI
Templates and documents stored in the Library are all searchable using ACORD DRI standards which means that customers can interface their products and contracts to their clients and trading partners during placement and post-placement.