Frequently Asked Questions 1.0
Q: What is iLingoTM? A: iLingoTM is a set of XML schemas developed by Lexica LLC. This is the industry's first comprehensive set of XML schemas specifically designed to empower the supply chain participants in the end-to-end automation of insurance selling and transaction processing. The new set of schemas provides the essential structural framework for deploying portable, robust transactional applications that enable business-to-business and business-to-consumer e-commerce.
Q: Who is Lexica LLC? A: Lexica LLC, is a leading developer of end-to-end e-business supply chain management software for the insurance industry.
Q: What is XML? A: XML is the next generation of markup language and provides a structured, dynamic way to represent the collection, delivery, storage and processing of information and insurance transactions. By using XML as a tool, companies are able to adapt quickly to changes in the insurance business supply chain. In data representation, XML offers maximum interoperability with participants in the supply chain. XML also provides a single point of integration that is implementation independent.
Q: Why is Lexica publishing this set of schemas? A: Lexica is using iLingo in its own technical platform, Lexica Online™ as well as offering it to the industry. We want it to be the preferred basis of insurance e-business transaction systems to ensure successful e-business implementation as the insurance industry moves in that direction.
Q: Can others contribute to iLingo? A: We will incorporate comments, as appropriate. The www.ilingo.org site will provide a forum for interaction between users of iLingo and other interested parties.
Q: Can companies use iLingo in their products? A: Once Version 1.0 is released in early 2000, iLingo will be freely available to any insurance or related financial services provider to use as they wish.
Q. Is Lexica working with any standards organizations? A. Yes, Lexica's intention is to work closely with OASIS, the Organization for the Advancement of Structured Information Standards, a nonprofit, international consortium dedicated to accelerating the adoption of product-independent formats based on public standards. These standards include XML, SGML, HTML and CGM, as well as others that are related to structured information processing. Members of OASIS are providers, users and specialists of the technologies that make these standards work in practice. In addition to OASIS, Lexica will work with ACORD, which has the support and participation of more than 1,000 insurance carries and groups, 25,000 agencies, the major providers of software and services to the industry, and nonprofit associations including agency system user groups, nation producer associations, and the CPCU society. ACORD initially developed standard ACORD forms to enable information sharing in the industry, and has added data integration to its package of services.
Q: Where can iLingo be found? A: www.iLingo.org is the site where all iLingo updates will be posted.
Q. How big is insurance e-commerce? A. The potential for insurance online is enormous. The industry's nearly $800 billion a year in premiums dwarfs other emerging e-commerce industries such as travel, book sales, music and video combined. Forrester Research predicts that $4.1 billion in insurance policies will be sold online by 2003, with auto insurance leading the way. Conning & Co. goes farther, estimating that, for auto insurance alone, as much as 20% of the business - $26 billion of a $130 billion segment - could be transacted online by 2004.