FIA becomes Member of ACCORD

FIA South Africa has become a member of ACCORD This means new products on a regular basis and greater diversity across the board.

The Financial Intermediaries Association of South Africa (FIA), announced that it has become a member of the international association, ACCORD in a bid to standardize insurance data on an international scale.

ACCORD, the Association for Cooperative Operations Research and Development, is a global, non profit group that sets standards in insurance and financial services industries around the world.

The FIA's entry into this association comes in the wake of the growing complexity of South Africa's insurance industry, with the introduction of new products on a regular basis and greater diversity across the board.

The FIA thus recognized the need to develop strong infrastructure for the exchange of data between its members.

The President of the FIA, Arnold van der Linde said: "At present in South Africa's insurance industry, there is no uniform method of moving data between role players. Becoming a member of ACCORD is an important step that will have a positive impact on the industry and, importantly, on clients."

ACCORD welcomed the FIA's move to become a member of this prestigious organization and said: "We are proud to welcome FIA to ACCORD, and applaud them for their vision of standardization for the South African insurance market.

"We look forward to working closely with them and all the participants in the South African market as the standardization process begins," said John Kellington of Accord.

ACCORD has been very active in helping FIA with its standardization efforts over the past year, with many staff members travelling regularly to the region to offer invaluable assistance.