NEW YORK and LONDON, Nov. 20, 2024 /PRNewswire/ — ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, today announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing platforms as well as a variety of downstream systems.

Insurers and brokers can immediately leverage ADEPT Placing with its easily accessible and ready-to-use direct interface that connects with major platforms including PPL, Whitespace, PlacingHub, and market firm-owned platforms such as Aon’s ABConnect and Guy Carpenter’s GC Marketplace.

ADEPT (ACORD Data Exchange Platform and Translator) is already in use by over 100 ACORD Solutions Group clients and partners to seamlessly exchange accounting and claims data, aligned with the ACORD GRLC (Global Reinsurance & Large Commercial) Data Standards. ADEPT Placing was built to increase interoperability, provide a single streamlined connection for placing data, and help insurers and brokers avoid the expensive and inefficient processes of building connections to multiple platforms with differing sets of non-standardized APIs. With ADEPT Placing, insurers will have a single “letterbox” for all of their broker partners’ placing transactions, regardless of the brokers’ chosen placing platform.

“We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity,” said Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee. “With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment.”

ADEPT Placing gives insurers a one-to-many system to receive placing event data from quotation through to signed line advice information, reducing the need for multiple integrations and time-intensive mapping. It is fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, giving insurers one consistent data format to use with all broker placing portals. ADEPT Placing also benefits brokers by providing a single ACORD GRLC-compliant interface to exchange standardized data with various placing platforms, for quicker and easier reconciliation.

“This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population,” Squires continued. “The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries.”

ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organizations at all levels of digital maturity. If placing data is received via email rather than digital data transfer, ADEPT will utilize ACORD Transcriber‘s comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardized digital data payload.

“Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs,” said Chris Newman, President International, ACORD Solutions Group. “Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints.”

“With the global ecosystem digitalizing at an accelerating rate, it’s time to tackle placing as the next digital frontier,” added Newman. “With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimize the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardization from front to back office.”

More information about ADEPT and the future of placing will be available at the upcoming ACORD Solutions Group Horizons event, “A Placing Revolution” on Tuesday, November 26, featuring speakers from ACORD Solutions Group, AXA XL, and Marsh. Register to attend virtually or in-person to learn more about ADEPT’s capabilities and see it in action with live demos focused on both insurers and brokers.

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About ACORD Solutions Group

ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. Learn more at www.acordsolutions.com.

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LONDON, Nov. 20, 2024 /PRNewswire/ — Redgrave, a leading executive search, interim, and leadership advisory firm supporting business owners, investors, and leaders, announced today the launch of its Sustainability practice, led by Partner Kate Goodall. This strategic initiative will offer expert guidance to clients across both public and private markets, focusing on the development of robust sustainability strategies and the recruitment of the best possible talent in the field.

Redgrave’s Sustainability practice aims to address every aspect of building a truly sustainable business. This includes recruiting experienced sustainability generalists adept in strategic development and implementation, as well as leaders with specialised technical expertise crucial for managing sustainability challenges and driving innovation, transformation and value creation.

Kate Goodall brings two decades of relevant experience and expertise, having worked both client-side and as a specialist search professional. Her background includes managing a global ESG investor relations strategy, before pioneering a responsible investment proposition for a leading Private Capital investment firm.

Her early adoption of sustainable investing and practical experience with both private equity and publicly listed businesses uniquely positioned her to transition into search, where she has spent the last decade helping clients build effective sustainability teams that deliver on business objectives, create long-term value and help meet stakeholders ESG expectations.

“Kate’s extensive, hands-on expertise of the sustainability and ESG space, combined with her exceptional search credentials, make her the ideal leader for this practice,” expressed David Angel, Redgrave’s Managing Partner. “We are delighted that Kate has chosen to bring her expertise to our firm and I am confident that our clients will benefit greatly by having access to her knowledge and experience”.

Kate shared, “Redgrave’s dedication to purpose-driven leadership and exceptional client delivery aligns perfectly with my own values. I am excited to work with the talented Redgrave team to provide impactful solutions that will drive meaningful change for our clients.”

With a decade of experience in executive talent consulting, Kate has successfully guided clients in assessing sustainability goals, navigating regulatory requirements, and managing reputational risks as they build out their ESG teams. This has previously been recognised, with Kate being awarded ESG Recruiter of the Year for her outstanding contributions to the field.

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Redgrave’s new Sustainability practice represents a commitment to sustainability, providing clients with the strategic and talent resources needed to excel in a rapidly changing business environment.

About Redgrave

Redgrave is a global executive search, interim, and leadership advisory firm with a relentless passion for people.

We help leaders shape the future of businesses by delivering solutions that complement their culture and ambition.

Redgrave connects organisations with exceptional talent to drive their growth and success. The firm offers a range of services, including search, executive assessment, executive interim, and talent consulting. Find out more at https://redgravesearch.com.

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BioCatch Trust™ Network initiative now live in Australia, other countries to follow

NEW YORK, Nov. 20, 2024 /PRNewswire/ — BioCatch today announced the launch of the BioCatch Trust™ Network, the world’s first inter-bank, behavior-based, financial crime intelligence-sharing network. The BioCatch Trust™ Network initiative protects member bank customers against financial crime, scams, and fraud by assessing in real time the trustworthiness of the accounts to which they direct their transfers and payments. If the network deems a receiving account untrustworthy, it shares this intelligence with the sending bank in real time, allowing the sending institution to suspend and investigate the transaction before any money leaves the sender’s account.

“Scam payments are nearly always transferred to mule accounts through which scammers launder their profits before withdrawing them,” BioCatch CEO Gadi Mazor said. “To combat this rampant criminal activity, it’s crucial for sending and receiving banks to collaborate and share intelligence in real time to proactively identify these money mules and halt payments to them. This cooperation can dramatically reduce the number of scam victims and significantly disrupt criminals’ ability to launder their illegally acquired money. We know the bad actors behind these attacks swap tactics, strategies, intelligence, and technology with other rival cybercriminals. We’re proud to now offer banks an opportunity to join their own intelligence-sharing network to fight back.”

The global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, BioCatch launched the BioCatch Trust™ Network in Australia earlier today, with five of that nation’s largest banks as founding members. The network’s foundational behavioral intelligence engine ingests country-specific digital session, payment, account, device, IP and geo-location, and non-monetary event signals to holistically evaluate the trustworthiness of every receiving account before a payment is processed.

This allows financial institutions to proactively protect users from authorized push payment (APP) fraud, and social engineering scams where the fraudster manipulates the victim outside of a digital banking session (many scams originate via an email, text message, or social media post) without introducing unnecessary transactional friction. The BioCatch Trust™ Network accomplishes this while still carefully maintaining user privacy, utilizing proven pseudonymization technology to protect the identities of retail banking customers at member banks.

As more banks contribute account intelligence to the BioCatch Trust™ network, the models that evaluate receiving accounts learn, growing smarter and more effective, offering deeper predictive insights and broader coverage, while learning from billions of historical and validated data points. The network’s predictive intelligence fosters real-time financial crime insights, offering immediate protection for all members as soon as a potential risk is identified. There’s no waiting for fraud feedback.

“Real-time information sharing enables us to recognize patterns that individual entities may miss, providing a fuller view of criminal activity while protecting sensitive information,” 5OH Consulting Co-Founder and former U.S. Secret Service Deputy Special Agent in Charge of Cyber Matt O’Neill said. “Today’s financial crime is complex and fast-moving. The ability to securely share actionable intelligence without compromising privacy is what allows institutions, with support from real fraud fighters like BioCatch, to act decisively and prevent the exploitation of our financial systems.”

BioCatch Trust™ complements existing networks that share information after a scam has taken place, adding real-time risk assessments for receiving accounts before the sender transfers away any money. BioCatch Trust™ Australia launched earlier this fall. The company expects networks serving other countries to go live throughout 2025.

“Accurately and effectively detecting and preventing authorized payment fraud scams comes down to the ability of both the sending and receiving financial institutions to piece together meaningful context behind any given payment from both the perspective of the sender and the beneficiary,” Datos Insights Strategic Advisor Trace Fooshée said. “Those FIs that are confined to seeing only one side of the signals of a given payment will find themselves with insufficient context to make an effective and accurate means of distinguishing between legitimate and fraudulent payments whether on the sending or receiving side of the transaction.”

To view the announcement around the launch of BioCatch Trust™ Australia – including commentary from the founding member banks – click here.

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About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 34 of the world’s largest 100 banks and 237 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 93 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

PR contact:

Mac King
BioCatch senior comms manager
[email protected]

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