ACORD, the global standards-setting body for the insurance sector, has released a new model aimed at enhancing the standardisation and exchange of data across the industry’s enterprise systems.
The Next-Generation Digital Standards (NGDS) Object Model is designed to support “more secure” data sharing.
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The model provides a framework that connects distinct business processes with various data elements, enabling insurers to effectively carry out essential functions such as underwriting, policy management and claims administration.
This model is set to improve the integration of current and future technologies by utilising ACORD Standards.
Transactions that involve mobile applications, Internet of Things devices, cloud services, or AI systems are all expected to benefit from the implementation of this model.
The introduction is expected to bring several benefits including alignment with the ACORD Reference Architecture for consistent data mapping, practical application of standards across different areas and scenarios, and fostering better collaboration between business and IT departments.
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By GlobalDataAdditionally, it is designed to decrease the time and complexity involved in system integration.
ACORD SVP, global chief enterprise architect Pat Corless said: “The new Object Model functions as a blueprint for connecting the dots between what insurers do and how their data flows across systems, enabling smarter, faster and more consistent digital operations.
“Its unifying structure provides a three-way linkage between the individual insurance business transactions that are being automated, the business capabilities serviced by those transactions and the data objects necessary to fulfil those transactions.”
In June, mea Platform and ACORD collaborated to promote the use of automated underwriting and digital data exchange in the insurance sector.
This partnership is focused on enhancing the automation of transactions throughout the insurance life cycle, including underwriting, policy administration, claims handling and placement processes, with the goal of streamlining operations for clients.
