ACORD Solutions Group Launches Digital Innovation Hub in Bermuda
ACORD Solutions Group, a leader in digital solutions for the insurance sector, has announced the launch of the ADEPT Bermuda Regional Hub. This new hub is designed to revolutionize the global insurance industry’s digital infrastructure.
As part of this initiative, ACORD Solutions Group is offering a generous incentive: every new Bermuda-based client this year will receive one million free digital messaging transactions in 2025. This is a strategic effort to enhance digital engagement and operational efficiency in the re/insurance market.
The ADEPT platform, short for ACORD Data Exchange Platform and Translator, is engineered to enable the seamless exchange of placing, accounting, and claims data among stakeholders, regardless of their digital capabilities. Originally launched in Western Europe under the Ruschlikon initiative, the Bermuda hub marks the first extension of this initiative beyond Europe, with plans to establish further hubs in other emerging insurance markets such as Singapore, Dubai, and North America.
Chris Newman, President International at ACORD Solutions Group, stated, “Bermuda is renowned for its vibrant reinsurance and specialty markets. Offering new users one million free transactions will accelerate the digital transformation of this sector.” He further expressed excitement about launching the first non-European hub and highlighted future expansion plans.
The ADEPT platform offers comprehensive digital messaging capabilities across the re/insurance and specialty markets, promising significant reductions in time, cost, and manual effort. It fully complies with the ACORD Global Reinsurance & Large Commercial (GRLC) Standards, which are widely recognized in the industry.
Nicole Kellenberger, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee, acknowledged ACORD Solutions Group’s pivotal role in promoting standardized data exchange and supporting industry modernization goals. She noted the success of the Regional Hub model in Italy and Spain, which facilitated firms transitioning from email-based transactions to a digital workflow at lower-than-expected costs.
Newman added, “ADEPT’s user-friendly interface and API-ready framework make it easy for firms to adopt and benefit from standardized data exchange.” He highlighted that the GRLC Standards community has reported up to 70% reduction in unallocated cash, 80% improvement in data quality, and 60% reduction in manual effort for claim transactions. Newman emphasized the goal of enabling the entire global industry to achieve these efficiencies.
