LTI and ACORD Announce Collaboration to Drive Digital Adoption in the Insurance Industry
Deepthi | Myequity news | Date : 09-01-2019 13:30:00 IST
Larsen & Toubro Infotech, a global technology consulting and digital solutions company, and ACORD, the global data standards-setting body for the insurance industry, expanded their long-standing alliance to develop a comprehensive set of digital standards & solutions for the Insurance industry.
All insurance transactions rely on the timely and accurate exchange of data. With ACORD Standards, the insurance industry has been able to improve data quality and increase efficiency. With the industry in the midst of digital transformation, there is a need for robust digital standards that bring efficiency, effectiveness, and flexibility for seamless digital integration across the insurance industry. LTI and ACORD will develop these standards and also co-develop solutions for digital technologies, such as Blockchain, AI and machine learning, aiming to offer multifold efficiencies for insurance carriers, MGA/MGU’s, brokers, reinsurers and TPAs. Bijesh Jacob, SVP Technology & Standards, ACORD Solutions Group
Anil Vazirani, Chief Business Officer, Insurance, LTI, said, “LTI is excited to take part in this important collaboration with ACORD to set the standards & solutions to propel the insurance industry’s journey to digital. Our goal is to continually play a leading role in innovating advanced digital technologies that solve problems for the Insurance industry.”
, said, “The insurance industry’s rapid movement towards a digitized, heavily API-based environment necessitates new standards and tools for efficiently exchanging information. ACORD and ASG are excited to work with LTI in this arena because of its proven commitment to the insurance industry, strong domain knowledge, and experience working with digital technologies.” About LTI:
LTI is a global technology consulting and digital solutions company helping more than 300 clients succeeds in a converging world. With operations in 30 countries, it goes the extra mile for its clients and accelerates their digital transformation with LTI’s Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of the Larsen & Toubro Limited, its unique heritage gives us unrivaled real-world expertise to solve the most complex challenges of enterprises across all industries.