ACORD

ACORD (Association for Cooperative Operations Research and Development) is the global insurance industry's standards-setting body, established in 1970. The organization develops and maintains electronic data standards, standardized forms, and implementation tools used by insurers, reinsurers, agents, brokers, software providers, and related financial services organizations worldwide.

With more than 36,000 participating organizations spanning over 100 countries, ACORD maintains an extensive library of over 1,200 standardized electronic transaction types and more than 800 standardized forms. These standards enable seamless data interoperability across the global insurance ecosystem, from policy issuance and endorsements to claims management and reinsurance settlement. ACORD maintains offices in Pearl River, New York and London, England.

The Lloyd's of London insurance market relies on ACORD standards for messaging between counterparties, with Lloyd's Core Data Record -- the market's foundational data exchange standard -- built on ACORD specifications. Implementing ACORD Standards is estimated to generate billion-dollar savings for the global insurance industry through reduced friction and improved data quality.

In 2025, ACORD accelerated its focus on next-generation digital standards and AI-enabled data exchange, launching the NGDS Object Model to provide carriers and technology vendors a structural framework for executing essential insurance functions across underwriting, policy management, and claims administration.