Ping and ACORD Solutions Group Create First Property SOV Extraction and Global Exposure Technology Solution for Carriers, MGAs and Brokers

News provided by

Dec 04, 2024, 09:00 ET

MIAMI BEACH, Fla. and LONDON, Dec. 4, 2024 /PRNewswire/ -- Ping Data Technology (Ping), a leading insurance technology provider of artificial intelligence (AI) driven data ingestion, cleansing and geocoding solutions, and ACORD Solutions Group have announced a strategic partnership. Ping's market-leading technology specializing in property statement of values (SOVs), combined with ACORD Transcriber's intelligent document processing capabilities, is transforming the way property underwriters assess property risks previously held on complex SOV documents.

The partnership leverages Ping's SOV ingestion technology with ACORD Transcriber's data extraction and population AI models to process all ACORD Forms, including SOVs 140 and 125s, exchanged in the US property and casualty industry. The integration enables a seamless workflow for property underwriters to easily extract SOVs and auto-feed into catastrophe models, including RMS and AIR, and see the visualized output on an intuitive user interface. The entire process is completed in a matter of seconds, replacing a hugely complex and time-intensive process by property underwriting departments.

"This strategic partnership with ACORD Solutions Group enhances our ability to deliver comprehensive straight-through processing for our clients," said Stuart Mercer, CEO of Ping. "By integrating our advanced data ingestion and data-driven underwriting capabilities with ACORD's standardized forms processing, we're creating additional value for carriers, MGAs and brokers."

"We're pleased to partner with Ping to facilitate straight-through processing for the property market faced with complex SOV documents," said Chris Newman, President International, ACORD Solutions Group. "This ongoing partnership brings together a groundbreaking solution powered by a tremendous depth of property insurance subject matter expertise across both Ping and ACORD Solutions Group. This is an exciting example where industry owned capabilities combined with innovative technology is producing transformative changes."

About Ping Data Technology

Ping is the market leader in SOV extraction software for the global commercial property industry. Using AI based proprietary technology and advanced property analytical tools, Ping provides seamless extraction enabling straight through processing of commercial property submissions. Along with providing advanced analytics and data enrichment, Ping has seamless integrations to the major catastrophe models and geospatial analytical platforms. Our client list includes 3 of the top 5 global insurance brokers, the largest US wholesale brokers, and many top carriers and MGAs. Learn more at www.pingintel.com.

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.

Media Contacts

For Ping:
Suzanne Hirst or Nigel Allen
Allen & Clapham
+44 7988 140357 / +44 7988 478824
[email protected] / [email protected]

For ACORD Solutions Group:
Beth Jarecki
Omnia Paratus
[email protected]

SOURCE ACORD