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When you’re planning a vacation, you know you’ll be able to use your credit card to buy an Eiffel Tower souvenir in Paris, eat at your favorite churrascaria in S?o Paulo, or get cash from an ATM in Tokyo thanks to the use of global standards by banks and credit card companies.

Of course, compared with the data-intensive, multiparty insurance process, financial transactions are exceedingly simple. Additionally, the insurance needs of most consumers don’t span multiple countries and seldom are as immediate as other financial priorities. Nevertheless, there is opportunity to be gained from global development and application of standards in insurance, whether applied to make domestic operations more efficient or utilized to do business with partners and customers across a country or around the world.

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