New Life Standards Are Evolving

Standards are living and evolving entities, becoming morerefined and robust with time and input from those using them. ACORDLife and Annuity standards are no different. They are, in a sense,a house that we have already moved into. We formed a strongfoundation; we've put up walls and decorated. Now, we are improvingand expanding the house, adding new rooms and updating others.

The benefits of these “home improvements” became truly apparentover the past year. ACORD witnessed a dramatic increase inimplementations within its membership, which includes many of thetop life insurers. In fact, implementations of ACORD Life andAnnuity standards rose nearly 400 percent in 2003. Activityincluded a 30 percent increase in certifications of implementedtransactions, a 40 percent growth in messages, and 20 percentgrowth in group participation over 2002 figures. Clearly, theindustrys leaders are realizing the benefits of data standards andare implementing them for their data communication.