The integration allows property underwriters to swiftly extract SOVs and directly feed them into catastrophe models such as RMS and AIR. Credit: NTshutterth/Shutterstock.

ACORD Solutions Group, part of standards-setting body ACORD, has joined forces with AI-driven insurtech company Ping Data Technology.  

This partnership is said to transform property underwriting by utilising Ping’s SOV ingestion technology alongside ACORD Transcriber’s data extraction capabilities.  

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It aims to process all ACORD Forms, including SOVs 140 and 125 in the US P&C industry. 

The integration allows property underwriters to swiftly extract SOVs and directly feed them into catastrophe models such as RMS and AIR.  

The result is a visualised output presented through an intuitive user interface.  

The entire process from document ingestion to data visualisation is completed in seconds, replacing the complex and time-consuming task faced by property underwriting departments. 

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Ping CEO Stuart Mercer said: “This strategic partnership with ACORD Solutions Group enhances our ability to deliver comprehensive straight-through processing for our clients. By integrating our advanced data ingestion and data-driven underwriting capabilities with ACORD’s standardised forms processing, we are creating additional value for carriers, MGAs [managing general agents] and brokers.” 

ACORD Solutions international president Chris Newman commented: “We are pleased to partner with Ping to facilitate straight-through processing for the property market faced with complex SOV documents. 

“This ongoing partnership brings together a groundbreaking solution powered by a tremendous depth of property insurance subject matter expertise across both Ping and ACORD Solutions Group. This is an exciting example where industry owned capabilities combined with innovative technology is producing transformative changes.” 

Last month, ACORD also took a step towards standardising life insurance applications. This move is aimed at improving efficiency and accuracy for carriers and distributors.  

The newly approved form by the Interstate Insurance Compact can be pre-filed in 47 jurisdictions.