ACORD Solutions Group Unveils ADEPT Bermuda Regional Hub: A Milestone in Digital Insurance Solutions

ACORD Solutions Group has introduced an innovative digital solutions center, the ADEPT Bermuda Regional Hub, poised to revolutionize the global insurance industry. This strategic move is complemented by an enticing offer for every new Bermuda-based client in 2025, who will receive one million complimentary digital messaging transactions.

The ADEPT hubs (ACORD Data Exchange Platform and Translator) are designed to foster seamless international exchange of placing, accounting, and claims data among stakeholders, regardless of their digital proficiency. Initially, these hubs made their debut in Western Europe as part of the Ruschlikon initiative. The Bermuda hub marks the inaugural step in launching a series of digital data exchanges in both established and emerging global re/insurance centers.

“Bermuda is renowned as a focal point for the reinsurance and specialty markets, and offering new users one million free transactions will further accelerate the digitalization of this market,” commented Chris Newman, President International at ACORD Solutions Group. He added, “Following the success of ADEPT for messaging across the value chain, we’re thrilled to initiate the first non-European-based hub and are planning further expansion into regions like Singapore, Dubai, and North America.”

ADEPT empowers organizations to digitally exchange messages across the entire spectrum of the re/insurance and specialty market, substantially reducing time, cost, and manual efforts. The messaging system is fully aligned with the ACORD Global Reinsurance & Large Commercial (GRLC) Standards, a benchmark widely adopted across the industry.

Nicole Kellenberger, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee, remarked, “ACORD Solutions Group has been pivotal in promoting the awareness and adoption of standardized data exchange, supporting our industry’s collective modernization endeavors.” She further noted, “The Regional Hub model has been successful in Italy and Spain, aiding firms in shifting from email-based transactions to a fully digital workflow, with lower-than-anticipated adoption costs.”

Newman also highlighted, “ADEPT’s intuitive user interface and API-ready framework make it seamless for firms to participate and benefit from standardized data exchange.” He continued, “Our GRLC Standards community reports up to a 70% reduction in unallocated cash, an 80% enhancement in data quality, and a 60% decrease in manual effort required to process claim transactions. Our goal is for the entire global industry to realize these efficiency gains.”