It's not easy to point to the organizational tools, techniquesor assets that directly create value. Maybe you have a fantasticbrand, a captive genius whose product ideas never miss or a proudbank of relationships that guarantee profits.

|

It's right to treasure and nurture these value creators whereverwe find them. But of course we want to find new sources andgenerators of value. Industry data standards are thegreatest unsung value creator of them all. Standards not onlydestroy waste, they enable innovation. When you're running in astandards-based environment, you can introduce new products,services and processes faster. Even better, you have an actionable,legible environment that inspires new ideas.

|

Standards make connections. When you adopt industry standards,you're now in a position to collaborate with partners and replicatesuccessful solutions easily, cheaply and confidently. This meansquicker market entry and lower risk.

|

1st industry-wide Insurance InnovationChallenge

|

ACORD launched the first industry-wideInsurance Innovation Challenge this year.Organizations were encouraged to submit ideas on any technologythat can be applied to transform the way we think about insurance.Of more than 100 submissions, we selected 48 semi-finalists to makea pitch to a panel of distinguished judges, and from them, 12finalists: Bolt Solutions, EZLynx, Haven Life, Insurity, IntellectSEEC, ISIS Papyrus Software, Livegenic, Social Intelligence, SPLICESoftware, Vertafore, VRM Telematics and Wallflower. Finalists willpitch to the judges before a live audience at the ACORD2015conference in Boca Raton, Fla., on Nov. 3 and 4. They will bejudged on impact, ingenuity, feasibility and applicability, and theaudience will play a role in selecting the winners.

|

Innovations are often pitched as new-to-the-world. But aninnovation only needs to be viable and beneficial to the business.The substance of an innovative action may be very old—tried andtested, copied from elsewhere. So, when thinking from a standardsviewpoint, we assess innovations by looking for a small differencein detail that produces a big difference in performance.

|

ACORD standards use insight of entire insurancecommunity

|

ACORD standards also facilitate a faster and more certainevaluation of opportunities and provide a more confidentimplementation. The most powerful innovations are those which rely99% on existing assets. This is as true for the most outlandishskyscraper as the most creative insurance products. Each uses arange of standardized, trusted components plus some novelty.Standards thinking is smart thinking. It's about using not justyour own brain, but the experience and insight of the entirecommunity behind the standard. 

|

There is a tendency to think that Standards limit diversity. Inreality, human existence itself is based upon thousands of agreedupon standards and the digital world could not exist without them.I think about that often as my career has been all about industrystandards.

|

On a personal note, I entered the insurance industry in 1971 atthe National Council on Compensation Insurance, followed by a fewyears at Chubb. I moved to ACORD in 1977 because of its focus onimproving efficiency. Here we are 40 years later and I'm as excitedand enthusiastic as I was from the beginning. Nevertheless, I planto retire from ACORD in April 2016. It was indeed a privilege tohead this organization for so long.

|

ACORD today is a reflection of the thousands of people whorealize the value of this industry to the world and life as we knowit. Working together, the staff and volunteers make the idea ofACORD possible. Yes, it's not only a nonprofit association, it'salso an idea. And there is no doubt in my mind that the best is yetto come.  

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.