The Language of Insurance ACORD Standards

Transcription

1 The Lanuae of Insurance ACORD Standards Denise Garth Vice President ACORD May 2005 ACORD 2003.

2 Standards. Industry Value "Open standards are important to help create interoperable and affordable solutions for everybody. They also promote competition by settin up a technical playin field that is level to all market players. This means lower costs for enterprises and, ultimately, the consumer. We need certain basic rules and reulations for the Information Society to yield all its benefits and we have to have a framework in place that protects enterprises and citizens, that fosters innovation and that avoids unnecessary technical barriers. Open standards are an ideal way to support such a framework. EU Commissioner Erkki Liikanen World Standards Day October 14, 2003 SLIDE 2

3 Open Standards Industry Survival Open standards must take hold in every industry. Without them, it's too difficult and costly to achieve the kind of transformation we've been talkin about. I am not speakin just about technoloy standards, either. Standards exist in every industry, whether they are document formats, patient healthcare records, financial tradin systems, security databases or inventory control systems. Sam Palmisano, IBM Business Leadership Forum, Paris October 8, 2004 SLIDE 3

4 Linua Franca - Standards More than 2000 years ao, merchants and sailors invented a lanuae in order to carry on commerce throuhout the Mediterranean and Europe Do you speak Enlish? Parlez vous Francais? Habla Espanol? SLIDE 4

5 ACORD is Linua Franca of the Insurance Industry The Internet is the new network and marketplace. ACORD ACORD ACORD ACORD SLIDE 5

6 Insurance Environment: Leacy Web of Confusion SLIDE 6

7 Today s s Business Environment without Data Standards Submission Insurance Carriers Reulatory Compliance Broker/Insurer Ins/Reinsurer Reinsurer Claims Reulatory Authorities Claims Manaement Applications Auditin Insurance Aency Premium transactions Payment transactions Service Providers Aent/ Producer SLIDE 7

8 ACORD Data Standards: Enablin the Industry Submission Broker/Insurer Ins/Reinsurer Insurance Carriers ` Reulatory Compliance Reinsurer Claims Reulatory Authorities Claims Manaement Applications ACORD STANDARDS Auditin Insurance Aency Premium transactions Payment transactions Service Providers Aent/ Producer SLIDE 8

9 Business and IT Stratey: Four Pillars of Focus Business Stratey Data Business Applications and Components Business Process Stratey Application Interation Stratey Data Stratey Infrastructure Stratey IT Stratey SLIDE 9

10 Open Standards Are Essential Available for everyone to use Not controlled by one party Foster marketplace competition Arrived at throuh consensus Platform and Technoloy independent Vendor neutral Ease merers and acquisitions Can have lobal reach Prepare for future technoloy SLIDE 10

11 ACORD Standards: Enable Transformation and Interoperability SLIDE 11

12 ACORD Standards: Industry Collaboration SLIDE 12

13 Financial Services Standards (Financial Services) X9 NACHA ECCHO SLIDE 13

14 ACORD Independent and Objective Association. Servin the Industry Since Not-For-Profit Corporation. Forum, with Anti-Trust Exemption, for Developin Standards. Global Presence. Independent Advocate. SLIDE 14

15 ACORD Vision That the Insurance/Reinsurance Industry Has One, Common, Set of Data Definitions. Each Time Any Solution Is Implemented for Any Part of the Insurance Value Chain, It Is Built Upon These Standards. SLIDE 15

16 ACORD: The Oranization Major Offices in New York and London. 60 Professionals on Staff. Experienced Professionals With Insurance, Wealth Manaement, Distribution, Property and Casualty, Reinsurance, Claims and Risk Manaement Backrounds. SLIDE 16

17 ACORD: Role in Standards To foster cooperation amon insurance companies, aents, brokers, solution providers and other associations. To provide leal framework for competitors to work toether on common oals within antitrust uidelines. To promote solution-provider involvement to develop technoloies enablin current and future implementation. To manae the standards process. SLIDE 17

18 ACORD: Activities Facilitate Sharin of Information Amon Diverse Oranizations. Brin Toether Insurers, Reinsurers, Distributors, Intermediaries, Solution Providers, Associations, and Financial Services Oranizations. Promote and Support the Development and Use of Standards for the Insurance and Related Financial Services Industries. SLIDE 18

19 ACORD: Guidin Principles Remain Driven By Industry Needs and Requirements. Develop and Promote Open Standards. Create Cooperative Relationships With Other National and International Standards Oranizations. Provide Advocacy and Education on Standards. Utilize and Promote Cross-industry Standards. Remain Technoloy and Vendor Neutral. SLIDE 19

20 Evolution of s 1980 s 1990 s P&C Forms AL3 (ACORD s Life & Annuity P&C EDI AL3 Standards standard) Implementation XML for L &A and P&C Life Reinsurance P&C Reinsurance EDI & XML L & A Forms Fillable Forms SLIDE 20

21 Standards Prorams Life & Annuity h Life h Annuities h Health h Group Lines h Reinsurance h Global Property & Casualty h Personal Lines h Commercial Lines h Surety h Global Reinsurance h P&C Reinsurance h Lare Commercial Lines h Global Data Model XML Forms EDI XML Forms EDI XML SLIDE 21

22 ACORD Standards Leadership ACORD Board of Directors Acuity, General Colone Re, NAILBA, Travelers, Aon, The Hartford, Willis, Chubb, Prudential, Zurich, CPCU, Munich Re, Royal & SsunAlliance, SAFECO Global Standards Committee CitiGroup, Principal Financial, Swiss Re, General Colone Re, Royal & Sun Alliance, Willis, Lloyd s of London, SAFECO, XL Re, MetLife Life & Annuity Steerin Committee AEGON USA, GE Financial, Principal Financial Group, Allianz, MetLife, Prudential, Centrelink, Mutual of Omaha, RGA Re, CLIEDIS, NAVA, Swiss Re Life & Health, CNA Ins. Group, New York Life, Western & Southern Non-Life Steerin Committee Aon, SAFECO, Chubb, Main Street America Group, St. Paul Companies, EMC Insurance, Marsh, Travelers, One Beacon, Zurich, Encompass, Royal & SunAlliance Reinsurance Steerin Committee ACE, CNA Re, Royal & Sun Alliance, AIG, General Colone Re, SCOR, Allianz, Lloyd s of London, St. Paul Fire & Marine Insurance, American Re, Marsh, Swiss Re, Aon, Munich Re, XL Re SLIDE 22

23 Membership P&C Insurers Trade Associations Life Insurers Ratin Bureaus Reinsurers Financial Service Ors Independent Aencies Risk Manaers Global Brokers Service Bureaus Suppliers Lab Companies Lloyds Syndicates Consultin Firms Plus alliances with numerous industry and standards oranizations around the world. SLIDE 23

24 ACORD Membership: Leadin the Industry SLIDE 24

25 ACORD Membership: Leadin the Industry SLIDE 25

26 ACORD Standards Implementations SLIDE 26

27 SLIDE 27 ACORD Cartoon

28 Contact Information: Denise Garth Vice President, Membership Development or World Headquarters: One Blue Hill Plaza 15th Floor Pearl River, NY USA London office: LUC - Suite 1/6 3 Minster Court Mincin Lane London EC3R 7DD UK Copyriht ACORD Corp. ACORD 2003.