Dubai, UAE – The Dubai International Financial Centre Insurance Association (DIFCIA), representing the entire spectrum of insurance, reinsurance, and wealth management sectors within the DIFC and broader insurance-related services, has unveiled its reciprocal membership agreement with ACORD, the preeminent standards-setting body for the global insurance industry. This landmark move underscores DIFCIA’s pivotal role as a founding member of the ACORD Global Advisory Council, championing the interests of insurance decision-makers across Middle Eastern financial markets.
With a diverse membership encompassing insurance professionals from agencies, brokers, consultancies, and beyond, DIFCIA serves as a vital platform for networking and advocacy within the sector. By aligning with ACORD, DIFCIA aims to facilitate enhanced engagement with industry peers, actively contribute to ACORD Data Standards development, and foster heightened operational efficiency and efficacy for its members within both Middle Eastern and global insurance landscapes. In turn, ACORD’s reciprocal membership with DIFCIA promises to catalyze collaborative endeavors and strategic alliances between the two entities.
The announcement of this strategic partnership took place during the second convening of the ACORD Global Advisory Council (GAC), graciously hosted by DIFCIA at its Dubai headquarters. The GAC convenes influential leaders from across the global insurance sphere to facilitate standardized data exchange across established and burgeoning insurance market hubs, including London, Bermuda, Singapore, and Dubai. Leveraging its status as a founding member of the GAC, DIFCIA stands at the forefront of propelling digital transformation initiatives across both established and nascent insurance markets.
Commenting on this milestone collaboration, GAC Chair Dave Matcham, Chief Executive of the International Underwriting Association of London (IUA), expressed gratitude for DIFCIA’s steadfast contributions to the consortium. “Forward-thinking insurance entities in Dubai, akin to their counterparts in other global hubs, are poised to reap the rewards of embracing global data standards as they navigate market evolution,” Matcham remarked.
Chris Newman, President International at ACORD, lauded the enduring leadership and representation offered by DIFCIA within the consortium. “As ACORD redoubles its efforts to streamline global data exchange mechanisms, we are privileged to enjoy the continued guidance and stewardship of the DIFC Insurance Association,” Newman affirmed. “Our reciprocal membership arrangement with DIFCIA equips our organizations to serve our constituents with even greater efficacy as we spearhead the digitalization agenda across diverse geographies and stakeholder cohorts.”
In forging this reciprocal membership pact, DIFCIA and ACORD signal a resolute commitment to fostering innovation, collaboration, and operational excellence within the global insurance ecosystem. With both entities poised to leverage their collective expertise and influence, the stage is set for transformative strides in advancing standardized data exchange and propelling the industry toward a digitally empowered future.
[inline_related_posts title=”You Might Be Interested In” title_align=”left” style=”list” number=”6″ align=”none” ids=”2478,2476,2474″ by=”categories” orderby=”rand” order=”DESC” hide_thumb=”no” thumb_right=”no” views=”no” date=”yes” grid_columns=”2″ post_type=”” tax=””]
