Digital data exchange platform, ACORD Solutions Group, debuts in Dubai, providing a million gratis digital transactions to users.
Transforming the UAE's Insurance Sector with ADEPT Dubai Regional Hub
The insurance industry in the United Arab Emirates (UAE) is set for a significant digital transformation, thanks to the launch of the ADEPT Dubai Regional Hub by ACORD Solutions Group. This innovative platform aims to make the UAE’s (re)insurance sector a digitally connected, efficient, and future-ready market by enabling real-time, standardized digital data exchange across placing, accounting, and claims processes in the insurance value chain.
The ADEPT (ACORD Data Exchange Platform and Translator) allows stakeholders, regardless of their current digital maturity, to exchange standardized insurance messages seamlessly, thereby reducing the time, costs, and manual effort involved in data handling. This initiative is closely supported by the Dubai International Financial Centre Insurance Association (DIFCIA), reflecting its mission to future-proof the industry through innovation and collaboration.
Phil Story, Chairman of DIFCIA, highlighted that ADEPT will help build the efficient, digital-first marketplace that the UAE insurance members are striving for, marking ADEPT as a transformative step forward for the UAE’s insurance ecosystem. By aligning with ACORD’s Global Reinsurance & Large Commercial (GRLC) Data Standards, the hub ensures interoperability and data consistency across diverse stakeholders, including carriers, brokers, and reinsurers.
In addition to the technological impact, ACORD Solutions Group has offered an incentive of one million free digital messaging transactions to every new Dubai-based client, encouraging early adoption and accelerating the digital transformation of the UAE insurance market.
Council Chair Dave Matcham stated that the ADEPT Dubai Regional Hub is a perfect example of collaboration and dedication to this goal. The launch of the hub was announced at the event "Discover the Future of (Re)Insurance in the UAE," where live demos of ADEPT's API-driven capabilities were showcased, demonstrating the joint vision of ACORD Solutions Group and DIFCIA in creating a digitally connected, future-ready market.
The ADEPT Dubai Regional Hub serves as a regional anchor for ACORD’s global vision of connected insurance markets, leveraging standardized digital exchange to foster innovation, operational efficiency, and collaboration within the UAE and beyond. The details of the launch of the ADEPT Bermuda Regional Hub were not specified in the provided text.
Chris Newman, President International of ACORD Solutions Group, stated that ADEPT's intuitive interface and API-ready framework enable seamless onboarding. The ACORD Global Advisory Council, established to further enhance and expand collaboration among key industry stakeholders, held its inaugural meeting at the event. The council shares a vision of spreading the benefits of standardized data exchange across global insurance hubs.
[1] Source: ACORD Solutions Group Press Release, "ADEPT Dubai Regional Hub Launch Transforms UAE’s (Re)insurance Sector," [date]. [2] Source: Dubai International Financial Centre Insurance Association (DIFCIA) Press Release, "ADEPT Dubai Regional Hub: A Transformative Step Forward for the UAE Insurance Ecosystem," [date].
- The ADEPT Dubai Regional Hub, launched by ACORD Solutions Group, aims to transform the UAE's reinsurance sector through innovation by enabling standardized digital data exchange, making the market digitally connected, efficient, and future-ready.
- The ADEPT Dubai Regional Hub's incentive of offering one million free digital messaging transactions to new Dubai-based clients encourages early adoption, accelerating the digital transformation of global finance and business in the UAE insurance market.
- The ADEPT Dubai Regional Hub is a regional anchor for ACORD's global vision of connected insurance markets, leveraging technology to foster innovation, operational efficiency, and collaboration across diverse stakeholders.
- The ACORD Global Advisory Council, established to enhance and expand collaboration among key industry stakeholders, held its inaugural meeting, sharing a vision of spreading the benefits of standardized data exchange across global insurance hubs, including the UAE, Bermuda, and beyond.
