Xml Standards For Insurance
Acord data standards insurance industry xml schemas specifications by association for cooperative operations research and development.
Xml standards for insurance. Xml specification based on the acord life data model. Document listing all code lists for the standard. The benefits of utilizing standards are obvious to industry players. Acord facilitates an open standards development process.
This document contains information relevant to acord xml for the insurance industry and is part of the cover pages resource. Grlc standards are available in a fully indexed and searchable format. Xml standards are prevalent across the insurance marketplace for communication and data exchange. The development of the xml standard by acord affords a broad array of interface options.
Get involved to have a voice in the future of the standards and the industry. Acord xml for property and casualty insurance. The cover pages is a comprehensive web accessible reference collection supporting the sgml xml family of meta markup language standards and their application. Document s that define the process flows and data content for specific areas of functionality within the insurance.
Xml for life insurance page on the acord website. Xml standards are both human and machine readable and enable efficient use and reuse of data among businesses that are both producers and consumers of data. Xml documents must carry information for pre trade analysis such as quote requests trade information such as security details and order information post trade analytics such as market data and settlement and clearing specifics. Carriers surveyed by celent either expected to achieve or had already achieved integration efficiencies on the order of 20 30 by using acord xml standards.
Insurance companies recognize that they do not operate in isolation nor do they have the massive it budgets of the 1980s that afforded them the ability to go it alone. See the standards enhancement reports for more information on recent and upcoming changes to the standards. But as is with almost any set of new standards they are a work in progress. Celent痴 new report finds that the us insurance industry is increasingly embracing acord xml.
Methods and systems need to be developed to utilize the new standards in both the agency management systems as well as the carrier systems. Beerxml a free xml based data description standard for the exchange of brewing data. Access to download csio standards is only available to insurance company and software provider members. Database with data content and hierarchy for the standard.
Xml specification that addresses the real time requirement by defining property and casualty transactions that include both request and response messages for personal lines. Use of acord xml could save industry over us 250 million annually. Xml standards for the financial services industry therefore are essential for the successful implementation of stp. Changes to the acord standards are proposed presented for review and voted on by members.
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