[Westwood, MA March 26, 2001] MIB, the voluntary
association of nearly 600 life insurance companies, has announced it that it has reached
an agreement with ACORD, the insurance industry’s non-profit standards developer, to
promote industry adoption of ACORD’s XML for Life Insurance Standards in IT
architecture. MIB will implement three new ACORD-approved TXLife transactions designed for
communication between MIB and its member companies. The approved transactions will
initially cover the MIB Checking Service.
“We’re adopting the ACORD Standards to provide
our members with the highest quality of service,” said Fred Pritikin, chief marketing
officer of MIB’s e-Services Corporation. “Response time will be just a
fraction of that required with our dial-up network and carriers will be able to leverage
the same Internet infrastructure they’ve implemented for other business processes.
The carriers will be able to communicate with us using standard data formats and
protocols. We expect that this will result in tighter integration of MIB processes with
the carriers’ internal business processes.”
Pritikin said that MIB was completing a reengineering of all its business processes.
The three ACORD-approved transactions were designed with these overall improvements in mind.
As it begins the implementation of the XML interface, MIB
is seeking vendors and carriers who are interested in being among the first to adopt the
new technology. MIB plans to work with ACORD to develop additional transactions for business communications.
MIB, Inc. and e-Services Corporation are members of the MIB Group.
Information about ACORD at http://www.ACORD.org.