LAS VEGAS, NV – May 13, 2008 – Extending its current Capability Model of the Standards Framework, ACORD (www.acord.org), the insurance industry standards setting body, received a donation of capabilities, processes and metrics from Deloitte, LLP (www.deloitte.com). The announcement was made during the 2008 ACORD LOMA Insurance Systems Forum.
The ACORD Capability Model describes what a company does. Capabilities include such things as Channel Strategy or Develop Channel Interactivity. By creating standard definitions for these common capabilities, companies more easily develop functions and assess their structures against an industry standard. This can help companies improve processing and make them more competitive.
The donated content consists of 49 capabilities, 123 processes, and seven new business metrics for annuities taken from Deloitte’s industry leading ACES annuity benchmarking study.
Process “maps” provide companies with standard names and definitions of business processes, which can be linked to design business flows. Examples of such processes include Create Strategy and Develop Channel Interactivity.
Metrics allow companies to benchmark their performance against the industry. Examples include “Average Number of Contracts Written” and “Issued Contracts as a Percent of Written Contracts.”
“The Standards Framework Capability Model is the foundation for understanding and for helping member companies more easily compare their organizations against an industry standard,” said John Kellington, senior vice president, ACORD. “This generous donation by Deloitte will further enhance our current model once it’s integrated into the Standards Framework Capability Model making the end product more robust helping us reach our objective more quickly.”
“Deloitte is committed to building industry leading models, methods, metrics and tools to support our clients’ efforts to grow their businesses, increase efficiencies and better serve their customers,” said Joe Guastella, Global Insurance Leader for Deloitte’s consulting practice. “We are pleased make this donation to ACORD to enhance their Standards Framework Capability Model and hope it accelerates the value ACORD can bring to its member companies.”
The capabilities, processes, and metrics will be integrated into the current Capability Model, with the assistance of Deloitte, as part of ACORD’s normal standards setting process.
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. www.acord.org.