Groups Set Insurance Standards Effort
NU Online News Service, Aug. 16, 8:55 a.m.?ACORD, an insurance standards organization, and eEG7, the European standards body for the insurance industry, have announced a common initiative to develop a global basis for interoperable insurance messages.
According to Pearl River, N.Y.-based ACORD (Association for Cooperative Operations Research and Development), both organizations have agreed to harmonize the results of their respective initiatives: ACORD's eMerge project and the eEG7′s SMILe project.
The arrangement will allow insurance and reinsurance companies, solution providers and intermediaries to work seamlessly with one another across borders, the announcement said.
"This combined effort will result in the creation of a real, global data model and a repository for the insurance industry", said Gregory A. Maciag, president and CEO, ACORD.
Luc Sterck, chairman of London, England-based eEG7 added, "We are convinced that this agreement will? benefit the global insurance industry."
ACORD said it has solid foundations in the European insurance market covering reinsurance and large commercial and in the American insurance market covering life, annuity, property and casualty and reinsurance. ACORD also supports standards development and implementation in South Africa, Canada, Asia Pacific and Australia.
eEG7 said it provides standards to the European insurance industry and has an in-depth knowledge of private insurance and commercial insurance.
The collective initiative will be based upon the ebXML specifications and will be developed according to the UN/CEFACT specifications for international standards, said ACORD.
The initiative will be launched at the upcoming CEFACT Forum in Geneva, September 8-13.
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