ACORD Okays Claims Investigation Standard
NU Online News Service, Nov. 14, 3:57 p.m. EST?A new product designed to help fight insurance fraud has been voted on and approved by ACORD's Standards Subcommittee.
The action came at the ACORD meeting in San Francisco last week. The ACORD XML claims investigation message standard that secured approval was developed to help insurers share claims and investigations data more efficiently.
ACORD's new message standard was used to exchange data successfully in a test environment by Insurance Services Office and Accenture, the group based in Pearl River, N.Y., said.
ISO, located in Jersey City, N.J., is a provider of insurance claims services and information about property and liability risk. New York-based Accenture is a management consulting and technology services organization.
The new ACORD-approved standard allows insurance companies to exchange first and subsequent notice of loss information with claims investigation service providers and to receive investigation results back from these providers, ACORD noted. ISO provides investigation services to the insurance industry through its all-claims database, ISO ClaimSearch.
"The new investigation business message is an important addition to the ACORD XML claims specification and we were happy to contribute to the proof-of-concept project," said David Hollander, managing partner of New York-based Accenture's Insurance Solution Group.
Mr. Hollander added, "We are using this new message standard to allow customers of Accenture's Claim Components software solution to easily integrate fraud detection services like ISO's into their mainline claim-handling processes."
Vincent Cialdella, vice president of ISO ClaimSearch, said, "One key element in the industry's fight against fraud is an ability to easily share claims and investigations data. The development of the XML claims investigations standard? was important to the industry's ability to share data using the newest technologies."
Gregory Maciag, president and chief executive officer of ACORD, said "the work that ISO and Accenture just completed is essential in validating the ACORD standards. We're grateful for their leadership role in driving implementation."
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries.
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