Fintech InsurTech News

First Update to ACORD Next-Generation Digital Standards Developed in Collaboration with Leading Insurance Organizations

ACORD, the global standards-setting body for the insurance industry, today announced the release of Version 1.1 of its Next-Generation Digital Standards for insurance data exchange, the first version of which were released earlier this year. Developed through ongoing collaboration with leading industry organizations, the Standards enable omnichannel information exchange using fine-grained business transactions.

Read More: Alithya Launches AI-FI Trade Surveillance Solution Powered by Microsoft Azure

The ACORD Next-Generation Digital Standards are designed to function across any technology interfaces to support data transfer mechanisms such as microservices and RESTful APIs. Applications of these messages include customer-facing mobile apps, the Internet of Things, distributed ledgers, and other cutting-edge technologies.

“Insureds’ expectations are no longer shaped by our industry alone,” said ACORD President and CEO Bill Pieroni. “Agents and carriers need to be able to fully engage stakeholders across both traditional and digital touchpoints.”

ACORD’s efforts in this area have been aligned with members of the independent agent community through its standards development partnership with the Agents Council for Technology (ACT), a program of the Independent Insurance Agents & Brokers of America (The Big “I”).

“Working with ACORD provides a valuable opportunity for us to enhance the voice of the independent agent in determining our industry’s future,” said Big “I” President and CEO Bob Rusbuldt. “By increasing the speed, efficiency, and quality of data exchange, the Next-Generation Digital Standards benefit agents, insurers, and ultimately our customers.”

Read More: Equifax Launches Innovative New Solutions for Credit Monitoring and Identity Theft Protection

ACORD also partnered with leading insurance carriers, brokers, and other organizations to collect user stories which continue to influence the direction, priorities, and form of the Next-Generation Digital Standards. Key partners in this latest release include AIG, Capgemini, Chubb, CNA, DTCC, The Hartford, and W.R. Berkley.

“Insurance product models and distribution paradigms are fast evolving. By engaging non-insurance firms to sell and service at the right ‘signature moments,’ additional value can be delivered to consumers,” said Kiran Boosam, Vice President of Insurance at Capgemini, a global leader in consulting, digital transformation, technology and engineering services, whose contributions around claims form submissions have played a key role in extending the scope of the Standards into new areas. “ACORD is playing a pivotal role in promoting this ecosystem growth, standardizing data exchange. We are excited to participate with ACORD to design the APIs and to offer them on our Open Insurance platform.”

Important features in Version 1.1 of the ACORD Next-Generation Digital Standards include expanded support for:

  • Electronic payments
  • Commercial lines quoting structures for business owners’ and workers’ comp policies
  • Claims movement & placing documents
  • Policy administration search inquiries and the carrier-broker distribution channel
  • Producer management
  • Technical/accounting for distributed ledger technology

Read More: Bank Of The Future: How Banks And Fintechs Are This Decade’s Unlikely Duo

Related posts

Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights

Fintech Staff Writer

Dhanani Group Closes on $500 Million Secured Financing

Fintech News Desk

Allen Baumbach joins Cyber Group

Fintech News Desk