ACORD Releases Standards Strategy

PEARL RIVER, NY – March 13, 2006 – ACORD (www.acord.org) released the ACORD Standards Strategy, outlining its vision and plans for enhancing the ACORD Standards Framework while building and expanding upon its existing and planned ACORD standards implementations throughout the industry.

Beginning with the release of the ACORD Strategy in 2003, the organization has worked on building upon its 35-plus years of experience and expertise in standards to further improve communication throughout the industry and facilitate both internal and external systems integration.

“As we move forward into the 21st Century, the industry is being molded and changed by a variety of influences from regulatory requirements and globalization to Web services and Service Oriented Architecture. ACORD standards are evolving as well to meet these growing member needs and requirements. By being proactive and establishing the ACORD Standards Strategy, we have laid a solid standards foundation that will enable ACORD members to be more competitive in today’s marketplace,” said Denise Garth, vice president, Membership and Standards, ACORD.

Part of the ACORD Standards Strategy is the growth of its overall ACORD Standards Framework. The Framework incorporates ACORD messages, forms, and XML standards which are used across the industry. It also adds business process services, based on a content contribution by IBM, and the creation of a common business dictionary to be used across all lines of business.

Garth also pointed out that, “the Strategy is a living document and will continue to grow and evolve over time and as the industry, technology, and the world change.”

The Strategy was created by ACORD with input from the ACORD Board of Directors, the ACORD Standards Committee, and leading industry analysts.

An overview of the ACORD Standards Strategy is made available to the public on the ACORD Web site. Those interested in the full document are asked to contact Denise Garth directly at dgarth@acord.org.

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.