Whitespace donates digital contract data structures to Acord

Digital risk placement Whitespace is donating its digital contract data structures to ACORD, the Association for Cooperative Operations Research and Development, the standards-setting body for the global insurance industry.

“The donated assets will greatly accelerate the ongoing development of standards for electronic data exchange by industry stakeholders worldwide,” ACORD said.

Whitespace has developed a paperless placing process which provides a fully digital end-to-end broking and underwriting experience. A digital contract is created at the outset and is shared throughout the placing process, eliminating the need for documents; human interaction is supported in creating, negotiating and maintaining a shared mutually accepted, objective record.

This digital placing standard will be incorporated into ACORD’s industry-owned Global Reinsurance and Large Commercial Data Standards, which are widely used through the global insurance value chain.

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