Since the ACORD framework first began just a couple of years ago, it's gone from concept to reality. With a lot of hard work from ACORD's members, the five facets are coming together. We're even in version 2 on the information model.

Just to summarize, the five facets are:

1. A business dictionary containing a business focused glossary of terms and definitions spanning the entire insurance industry
2. A capability model that defines the common business activities and business processes insurance companies do
3. An information model that provides the definitions of core insurance concepts such as policy, product, party, and claims and how these concepts relate
4. A data model that is created from the information model defined in an entity-relationship model format
5. A component model that is a set of reusable component definitions and data services bridging the gap between business process (capability model) and data (information model)

Those are the parts or the what. Many already know the “what” but now they want to know the “why.” Why did ACORD do it? Why do I want to know about it? Why do I need to be informed about it?

For You and For ACORD