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The development of standard ACORD Life, Annuity & Health
Forms began in 2000 in response to the Life, Annuity & Health
industries' call for new ways to exchange information with
trading partners, exploit new markets, and streamline the
new business process. By 2002, the first forms were created.
Approval by the states of the first set of filed forms,
Life Application Part 1, Life Application Part 2 and it's
supplemental forms, came in 2004. Now, the catalog of Life, Annuity & Health forms is growing as more carriers, distributors and solution
providers look to them as a way to streamline business
processes and save money. The forms are based on the ACORD
Life, Annuity & Health Data Model to support the electronic
exchange of life forms data.
Who Can
Use Life, Annuity & Health
Forms?ACORD Members
The use of ACORD Life, Annuity & Health Forms is a member value to those organizations
enrolled in the ACORD Life, Annuity & Health
Membership Program. Access to Life, Annuity & Health Forms is also available
to ACORD Life, Annuity & Health Members through the Forms
Redistribution Program, a program for those who wish to include copyrighted
ACORD Forms in their software solutions to their customers.
ACORD Non-Members
If you are not an ACORD Life, Annuity & Health Program member, ACORD now
offers a non-member program to provide you with access to this growing catalog
of standardized, copyrighted Life, Annuity & Health Forms. For more information,
download this PDF or contact
Dominic Caccioppoli, Director, Member Operations at +1 845-620-1700 ext. 424 or
by email at
dcaccioppoli@acord.org.
The
Benefits of ACORD Life, Annuity & Health Forms
FOR CARRIERS
Carriers can see cost savings - on average, upwards of half a million dollars
per company per year - by migrating to ACORD Life, Annuity & Health Forms. Insurance
carriers will also experience savings similar to companies currently in ACORD's
P&C Forms Pool including:
- Staffing - Reallocation
of Resources from forms research, development, distribution,
maintenance and compliance.
- Distribution - ACORD
provides the tools necessary for electronic distribution
of its forms.
- Compliance - ACORD's
compliance program assures accurate, up-to-date forms
that reflect regulatory and court mandated changes.
- Litigation - There has
never been a successful court challenge to the use
of any ACORD Form, because they are developed through
industry collaboration, with the cooperation and the
approval of state regulators.
- Filings - ACORD Life
Forms will substantially reduce the need for the burgeoning
number of state-mandated forms.
FOR DISTRIBUTION CHANNELS
Distributors see the administrative benefits of multiple
carrier submissions.
FOR SOLUTION PROVIDERS
Solution providers see standardized forms as a way to streamline
agency management, new business and policy administration
system development and implementation. It provides
a solution to sell to both carriers and distribution
channels.
FOR ALL
Companies that adopt standard forms will find trading partners
and sales opportunities arriving more quickly and more
often than they ever expected.
Contact
For more information about Life, Annuity & Health
Forms or if you wish to get involved with this initiative,
please contact:
Director, Member Operations
Dominic Caccioppoli
Phone: +1 845-620-1700 ext. 424
Email: dcaccioppoli@acord.org
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