L&T Infotech and Acord, the global data standards-setting body for the insurance industry join hands to develop a comprehensive set of digital standards & solutions for the Insurance industry, said a statement.
According to L&T Infotech, these digital standards and reference architectures will enable microservices-powered communication protocols, helping insurance companies quickly deploy standard digital technologies to transform operations, deliver better experiences, and improve business outcomes to compete in the digital world.
All insurance transactions rely on the timely and accurate exchange of data, and with Acord Standards, the insurance industry has been able to improve data quality and increase efficiency. With the industry in the midst of digital transformation, there is a need for robust digital standards that bring efficiency, effectiveness, and flexibility for seamless digital integration across the insurance industry.
L&T Infotech and ACORD will develop these standards and also co-develop solutions for digital technologies, such as Blockchain, AI and machine learning, aiming to offer multifold efficiencies for insurance carriers, MGA/MGU's, brokers, reinsurers and TPAs.
“LTI is excited to take part in this important collaboration with Acord to set the standards & solutions to propel the insurance industry's journey to digital. Our goal is to continually play a leading role in innovating advanced digital technologies that solve problems for the Insurance industry,” said Anil Vazirani, Chief Business Officer, Insurance, LTI.
Bijesh Jacob, SVP Technology & Standards, ACORD Solutions Group, said, “The insurance industry's rapid movement towards a digitized, heavily API-based environment necessitates new standards and tools for efficiently exchanging information. ACORD and ASG are excited to work with LTI in this arena because of its proven commitment to the insurance industry, strong domain knowledge, and experience working with digital technologies.”
