Monday, 19 November 2007

Tail wagging the dog

At the recent ACORD Forum in London, Alex Letts, the high-profile CEO of RI3K, commented about how he wished the ACORD standards would be frozen for awhile, that there have been too many changes. Further, Alex said that the London market slip that brokers bring around to underwriters should be frozen.

Roger Townsend, head of Xchanging Ins-Sure Services, disagreed from the same panel and the crowd was also aghast. Andy Brookes of the Market Reform Programme Office asked if we hadn't moved on from the IT tail wagging the business dog.

Imagine my surprise today at reading an article on the subject in the Insurance Times. Why did Alex push this?

In an industry that is so clearly in need of change and where the market is constantly reacting to the evolving needs of corporate clients, how could the slip be frozen?

Web Connectivity and other vendors don't have trouble keeping up with the ACORD standards.

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