New Life Standards Are Evolving

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

The benefits of these “home improvements” became truly apparent over the past year. ACORD witnessed a dramatic increase in implementations within its membership, which includes many of the top life insurers. In fact, implementations of ACORD Life and Annuity standards rose nearly 400 percent in 2003. Activity included a 30 percent increase in certifications of implemented transactions, a 40 percent growth in messages, and 20 percent growth in group participation over 2002 figures. Clearly, the industrys leaders are realizing the benefits of data standards and are implementing them for their data communication.

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