ACORD and PureEdge Collaborate to Develop ACORD XML Forms
PureEdge, ACORD Work Together to Provide Insurance Brokers and Companies with Greater Efficiency in Data Collection and Management
Development of ACORD XML Forms to Cut Processing Time and Operational Costs, Improve Data Accuracy
Victoria, BC, Canada. September 8, 2003.
PureEdge Solutions Inc., the leader in secure, XML forms-based business process automation, today announced it is working with the Association for Cooperative Operations Research and Development (ACORD) to develop ACORD XML forms using PureEdge XML technology for use by ACORD's customers. ACORD, a non-profit membership organization aimed at developing data standards for the insurance industry, is leveraging its XML standards to enhance the functionality of the ACORD forms. The new smart e-forms will create opportunities for vendors to develop a broad array of applications that can integrate with agents and brokers' systems and streamline the workflow for carriers.
Recently, Microsoft announced it was making ACORD Forms accessible to ACORD Advantage participants through the InfoPath application, which is part of its new Office 11 suite of products. These strategic partnerships between PureEdge, Microsoft and ACORD will cut processing time and operational costs while improving the accuracy of data. Forms will be accessible to insurance providers via point-to-point services, Web services, fax, print and email.
Most insurance providers acknowledge the way they gather information via paper forms is both inefficient and cumbersome. In the past, while some custom solutions have been developed to help insurance workers enter data electronically, to date there has been no standardization of the workflow surrounding insurance industry e-forms. For insurance companies, the use of XML-based forms will streamline the collection of data, and then that data can be seamlessly transferred between applications as needed, providing real-time data processing.
"The use of ACORD XML-based applications has the potential to significantly improve the new business process by enabling varying degrees of straight-through-processing," said Craig Weber, Senior Analyst, Celent Communications. "That's a significant step toward the dramatically streamlined processes that carriers need."
"Incorporating PureEdge's XML business process automation technology will extend the value of our standards from data management through to include improved workflow efficiency for the industry," said Aziz Hussein, Chief Technology Officer, ACORD. "PureEdge's solution will help the industry reduce the processing time and cost of completing transactions, while minimizing errors associated with re-entering data multiple times."
The availability of current ACORD forms in an electronic format is essential for insurance agents and brokers. Agents will have the option of working with the traditional look and feel or be guided via process wizards for certain forms.
"Over the last few years we've seen the insurance industry undergo a dramatic transformation," said Gregory Maciag, President and CEO, ACORD. "Technology has revolutionized how our members deliver services to customers and conduct business on a day to day basis. Solution providers like PureEdge and Microsoft, will provide our members with the tools needed to take full advantage of business process automation and the promise it holds for the insurance industry."
"Our work with ACORD reinforces XML as a key standard in insurance transaction processing," said Mark Upson, President and CEO, PureEdge Solutions. "By combining business standards with XML data standards the insurance industry will be able to significantly improve on their current means of doing business which ultimately benefits customers. This announcement is evidence of PureEdge's continued commitment to its core vertical markets, and vision of delivering solutions that address the specific pain points within these industries."
By converting the forms into XML e-forms using PureEdge technology, ACORD's standardized forms will become much more dynamic and offer more intelligence in order to seamlessly manage and automate the business process associated with the form. The delivery of this new offering comes as part of PureEdge's business process automation framework, composed of products, partnerships and services to create, manage and deploy XML forms-based processes. With PureEdge, users have the ability to digitally sign documents, use both adhoc and structured routing, work remotely, move data in and out of corporate systems and store all elements of a process in one secure file.
Delivery of ACORD XML forms using the PureEdge technology is expected to start in late 2003.
PureEdge is an enterprise software company providing a business process automation framework that enables governments and businesses to lower costs and improve efficiency by delivering the right data to the right user at the right time. The PureEdge solution is composed of products, partnerships and services that allow customers to create manage and deploy XML forms-based processes and securely leverage existing sources and systems. PureEdge has worked with government organizations including the Securities & Exchange Commission (SEC), JPMorgan Chase and the US Department of Defense to create business value through greater operational efficiency, improved productivity and reduced cycle times.
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. For more information visit www.acord.org or 845-620-1700 ext. 506.
High Road Communications
Tel: 613-236-0909 ext. 314
Prepared by Robin Cover for The XML Cover Pages archive. See also: "Microsoft, ACORD Link Insurance Forms to XML Web Services, Helping Agents Enter Data Once and Share Data Across Their Businesses. Microsoft Office InfoPath 2003 to Help Insurance Industry Cut Processing Time and Costs, Reduce Errors."