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Article: ACORD XML initiative yields efficiency. (The Battle for Standards).(Brief Article)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- May 20, 2002
- Author:
CopyrightCOPYRIGHT 2002 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Insurance companies and agencies are poised to gain tremendous efficiencies from the ACORD XML standards. However, a lot of people believe that the ACORD XML is simply AL3 with a pretty face and a new name, designed for doing the same old hatch interface transactions.
As a result, many companies have been reluctant to adopt and implement the XML standards. The reality is that ACORD XML offers the ability to implement new and efficient types of transactions that could have never been contemplated using off-line batch communication and the AL3 standards.
Insurance companies have spent a lot of time and money developing ACORD Automation Level 3 (AL3), and ...