New ADEPT hub aims to accelerate digital transformation of UAE re/insurance market
ACORD Solutions Group has launched a regional hub for its ADEPT digital data exchange platform in Dubai, offering each new local client one million free digital transactions to mark the rollout.
The hub was unveiled at a launch event, “Discover the Future of (Re)Insurance in the UAE”, co-hosted with the Dubai International Financial Centre Insurance Association (DIFCIA).
The initiative aims to position Dubai as a digitally connected global re/insurance hub by enabling real-time standardised messaging across placing, accounting and claims workflows.
Phil Story, chairman of DIFCIA, said: “The launch of the ADEPT Dubai regional hub represents a transformative step forward for the (re)insurance sector in the UAE.
“By enabling real-time, standardised data exchange across the value chain, ADEPT helps build the efficient, digital-first marketplace our members are striving for. We’re proud to support ACORD Solutions Group in this milestone moment, which aligns perfectly with DIFCIA’s mission to future-proof our industry through innovation and collaboration.”
The ADEPT (ACORD Data Exchange Platform and Translator) system is built on ACORD’s global reinsurance and large commercial (GRLC) standards and is already in use across Europe, North America and Bermuda.
The technology firm said it provides an API-ready interface allowing integration across different systems, regardless of digital maturity.
Chris Newman, president international at ACORD Solutions Group, said: “Our GRLC Standards community has reported 70% reduction in unallocated cash, 80% improvement in data quality, and 60% reduction in manual effort to process claim transactions. We want the entire global industry to realise these efficiency gains.”
Newman added: “Dubai has established itself as a pivotal centre for international (re)insurance. To drive the market’s digital transformation, we’re offering one million free transactions to new users of ADEPT. The Dubai hub marks another dynamic milestone in opening up the benefits of digital data exchange across the global industry.”
Dave Matcham, chair of the ACORD Global Advisory Council, said: “The ADEPT Dubai regional hub is a perfect example of collaboration and dedication to this goal.
“When data flows seamlessly across barriers – of geography, scale, and technology – data moves faster, data quality improves, less time is wasted on tedious manual effort, and most importantly, the customer experience is enhanced.”
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