PEARL RIVER, NY and BEDFORD, MA – October 14, 2008 – Insurance data standards association ACORD Corporation (www.acord.org) and Progress Software Corporation (NASDAQ: PRGS), a leading provider of application infrastructure software to develop, deploy, integrate and manage business applications, today announced that ACORD has selected Progress® DataXtend® Semantic Integrator (SI) as its mapping and schema generation development environment for the ACORD® Standards Framework.
The ACORD Standards Framework (including its Information Model) forms the foundation of an ACORD Enterprise Architecture. This will be used to generate future versions of ACORD standards from a common model across all lines of insurance. Insurance carriers will benefit from the consistency and robustness of a broader and common set of ACORD deliverables. The Information Model will allow them to:
- Harmonize information across all disparate insurance domains with a single conceptual model that spans lines of business, geography and product offers
- Enable their own standards-based enterprise architecture
ACORD will be able to quickly define and publish unambiguous maps between the new ACORD Information Model and its existing Property/Casualty/Surety, Life/Health/Annuities, and Reinsurance/Large Commercial XML standards using the common-model-based approach of DataXtend SI while integrating complex metadata. Additionally, this will enable ACORD members to take advantage of their existing investment in ACORD standards while embracing the new Standards Framework.
“We selected Progress Software’s solution because of its visual, metadata-driven approach to mapping complex models and schemas,” said Frank Neugebauer, Assistant Vice President of Technology, ACORD. “DataXtend SI is well suited to support the highly complex mappings and schema generation we and our members require. Evolving our existing standards development process with the ACORD Standards Framework gives us the opportunity to improve the quality and comprehensiveness of our deliverables to our members, and DataXtend SI is an important part of that evolution.”
“ACORD is committed to delivering increasing value to its membership and the Standards Framework is critical to our achieving this objective. I am extremely pleased to have the support of Progress Software. Their technology and experience with common model-based standards initiatives will benefit both ACORD and our members,” says John Kellington, Senior Vice President, ACORD.
“The ACORD Standards Framework initiative will provide significant improvements for anyone using ACORD standards,” says Ken Rugg, vice president and general manager, DataXtend at Progress Software. “We’ve seen the benefits of using a similar set of standards – the TM Forum’s Information Framework – in the telecom industry, and we’re looking forward to seeing these successes replicated in the insurance industry.”
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.