PEARL RIVER, NY and LAKE BUENA VISTA, FL – May 17, 2009 – ACORD (www.acord.org) released one of the main facets of its Framework – the Information Model – to members today at the 2009 ACORD LOMA Insurance Systems Forum.
The goal of the ACORD Framework is to update the standards development process to create consistent standards regardless of standard type (i.e., form, xml), geography or line of business such as life or P&C.
There are five facets to the Framework: Business Dictionary, Capability Model with Process Maps, Component Model with Service Maps, Data Model, and Information Model.
The Information Model plays a central role in this standards development process as it provides the relationships among insurance concepts. It also provides an understanding of how information relates and where information enters the data flow which benefits all parties.
Across the development lifecycle, the Information Model can be used to support all participants. Business analysts, for example, can more easily frame how requirements are structured and where additional data is needed. For the architects, the Model allows them to gain a better view of how data interrelates which can lead to the development of reusable software. It even supports project management by highlighting the development process and parts that leads to better timeline estimates and scope management.
At present, the Model contains more than 1,000 classes with more than 2,600 attributes and is designed for extensibility to accommodate future requirements.
“We’ve made a tremendous amount of progress in a short amount of time thanks to the generous donations by ACORD member companies and the hard work and dedication of our membership,” said Frank Neugebauer, assistant vice president, technology of ACORD. “With our current momentum, we’re sure to see many more advances that will benefit the standards process and the industry as a whole.”
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.