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ACORD

Insurance carriers face continued economic and competitive pressures that resonate heavily throughout the fabric of the enterprise. These pressures create ever-changing business conditions that amplify the imperative of the business to become more efficient, more agile, and more responsive.

One specific outcome of these pressures has been the increased focus and investment by IT on initiatives utilizing the ACORD messaging standard. These initiatives provide enterprises with the ability to rapidly support ever-changing business requirements.

Leveraging ACORD is a vital step towards transforming the technology infrastructure in order to realize the strategic imperative of becoming a real-time enterprise and of helping the enterprise to reduce operational latency. Pursuing this strategy enables insurance carriers to:

  • build better relationships with customers and business partners
  • eliminate process bottlenecks
  • streamline business processes
  • leverage real-time critical data to better predict and optimize key business metrics

ACORD & SIM (Semantic Information Management)
Leading insurance carriers that have adopted ACORD within their enterprise information architecture are seeking to implement robust integration infrastructures capable of supporting the complex demands of the business and the projected growth in application integration requirements. These carriers are turning to Semantic Information Management (SIM) as a major component of their enterprise information strategies. SIM enables insurance carriers to implement a robust next generation approach to the adoption of the ACORD standard. This new approach supports the integration and continued reuse of existing information within legacy applications, and enables the smooth migration and implementation of applications, technologies and standards.

With SIM, insurance carriers can leverage and capitalize on the benefits of the ACORD standards by:

  • Create a more agile and flexible enterprise infrastructure that supports a real time flow of information between diverse business applications and can be modified on demand to support the changing requirements of the business
  • Increase responsiveness to evolving business and technology needs by enabling the complete interoperability of new and existing applications and systems.
  • Leverage modern semantic-based techniques that combine data management and data integration practices into a consolidated metadata environment and eliminate manual point-to-point inefficiencies.
  • Enhance the quality and consistency of information by introducing precise data definitions that support industry standards and automate the creation of accurate translation scripts and tracing data lineage.
  • Enable reuse of data assets and the identification and decommissioning of redundant data assets.
  • Foster a consistent use of defined standards, industry models and business rules throughout the enterprise utilizing a central method of dissemination and transmission.

For more information, write to Unicorn’s ACORD practice.