New Member Benefit For Analysis
ORLANDO, FL – May 23, 2005 – Helping members better analyze and report their returns on standards investments, ACORD (www.acord.org) released their new Return on Investment (ROI) analysis tools at the 2005 ACORD LOMA Insurance Systems Forum. Through the tools, members can examine and report, in numbers and graphs, the overall benefits and savings from ACORD data standards implementations.
“We developed these tools to enable our members to show not only themselves but others throughout their organization the benefits of standards implementations across an enterprise,” said Denise Garth, vice president, Membership and Development, ACORD. She added that “our members have asked for a vehicle to clearly illustrate the benefits of ACORD Standards, incorporate industry best practices, and show how standards improve a company’s return on its technology investments. These tools do just that.”
The ACORD ROI Tool Full Version enables users to take an in-depth look at their organization, expenses, standards implementations, and cost-benefit analyses for up to 5 years. It does, however, require the user to have detailed company information and forecasting data.
The ACORD ROI Tool Lite Version is a subset of the full tool and examines the ROI on implementing an interface between organizations and their trading partners, or between internal systems, when using standards or not using standards.
These tools are based upon the ACORD Best Practices developed with our membership and released in 2004 as well as case studies from ACORD members. They use ROI data provided by ACORD’s members that was then averaged and aggregated to create baseline metrics. Both tools work by having you answer simple questions within an Excel spreadsheet. In the end, tables and graphs will illustrate just how your organization can benefit from ACORD standards implementations.
While the tools are only available to ACORD members, questions can be addressed to Denise Garth at [email protected] and Lloyd Chumbley, assistant vice president, Standards, ACORD at [email protected]
About ACORD: Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London as well, ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD Standards and services improve efficiency and expand market reach. Affiliated with ACORD are hundreds of insurance and reinsurance companies, and thousands of agents and brokers, related financial services organizations, software providers, and industry organizations worldwide.