PEARL RIVER, NY – October 11, 2005 – The public release of a harmonized data dictionary for the insurance industry was jointly announced today by ACORD (www.acord.org), eEG7 (www.eeg7.org) and CSIO (www.csio.com). This marks the completion of efforts by this international coalition of standards bodies to harmonize their existing data dictionaries as part of a United Nations initiative.
This new data dictionary provides the technology neutral, reusable building blocks that serve as the basis for the development of messages for all lines of insurance business. The common data elements and their definitions have been identified and harmonized to one element name and definition for each concept such as “coverage,” “risk object,” or “claim.” This dictionary will facilitate information exchanges for placing, claims processing, accounting, and more. In the initial phase, property and casualty was the focus. Life insurance was considered at a high level.
These elements are the core components used by the individual standards organizations to build their specific standards for their individual communities and geographies. The data dictionary forms the solid foundation on which to build standards and ensure interoperability. All parties noted that their individual insurance data standards will continue to be developed with an eye to these international definitions.
The associations submitted this harmonized data dictionary to UN/CEFACT (United Nations Centre for Trade Facilitation and Electronic Business), providing them with already agreed upon international insurance industry data elements and definitions. UN/CEFACT is creating a methodology for achieving interoperable standards within and across business sectors including among others insurance, finance, transport, and healthcare.
“It was an exciting project and this harmonization of data standards created a unified, global dictionary. It will facilitate e-business and process optimization across the insurance sector worldwide, together with our customers in other industries,” said Dr. Manuel Reimer, Chairman, eEG7.
“As the insurance sector continues to expand and globalize, cooperation, understanding, and communication among all trading partners, regardless of their geographic location, is essential to create a truly worldwide insurance lingua franca,” said Greg Maciag, CEO and President of ACORD.
The dictionary is available to the public from each organization’s website. It provides a high level, syntax neutral foundation on which standards organizations can build and map specific messages and XML schemas to meet their own unique market and geographic requirements while remaining compliant with the now agreed upon definitions.
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, solution providers, and industry organizations worldwide. ACORD Web site
About CSIO: CSIO (Centre for Study of Insurance Operations) is Canada’s national standards association of property and casualty insurance companies, broker management system/vendors and independent insurance agents and brokers dedicated since 1981 to improving the efficiency of the independent broker distribution channel. CSIO oversees the development, implementation and maintenance of industry standards in the area of XML, AL3/EDI, electronic/paper forms and webscreens. CSIO provides services nationally in both English and French and has offices located in Montreal and Toronto. CSIO Web site
About eEG7: eEG7 is the European forum for the development of e-business standards for electronic communication in the insurance sector. The objective of eEG7 is to facilitate the exchange of information between policyholders, professional intermediaries (agents, brokers), insurers and other involved parties. eEG7 standards support the placing and administration of insurance contracts, claims handling and accounting. The open structure enables the participation of business orientated analysts and e-business professionals gathering the knowledge and requirements of all countries represented in eEG7. Active eEG7 members are: Austrian Insurance Association, TELEBIB2 Platform (Belgium), GDV German Insurance Association, AMC (Germany), DKV (Germany), VDV (Germany), ABZ (Netherlands), Slovenian Insurance Association, ACORD London Office (UK). eEG7 Web site
