Providers of Insurance Data Standards
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Providers of Insurance Data Standards Soon after beginning to use computers to administer their business, firms realized the the potential for increased efficiency if data could be exchanged between brokers and companies, between insurers and reinsurers. Even when standard forms had been implemented, it quickly became apparent that data meant different things and was handled differently in different companies.
Thus began efforts to develop standards for data elements and their meanings. However, businesses and regulations evolve, and thus standards require ongoing maintenance. To respond to these ongoing requirements for current useful standards, most industries – including insurance – have spawned bodies to manage those standards, such as CSIO for Canadian P&C insurance, CLIEDIS for Canadian life insurance, and ACORD for insurance data standards worldwide. News and Articles
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