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The ACORD Framework is the next evolution of standards development and a new era in what ACORD delivers to the insurance industry. The industry is becoming more diverse and the marketplace more global. The ACORD Framework represents a single streamlined business model for standards creation that is flexible enough to cross lines of business and geographic borders.
The Five Facets
The ACORD Framework is a series of five interrelated models, or facets, that use different views to define the nature of the insurance industry.
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Business Dictionary
The Business Dictionary contains standardized definitions of insurance
concepts, such as “accident location”, and includes synonyms, business
line-specific usage, and references.
The Business Dictionary’s consistent terminology will help improve
communication between partners and within project teams.
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Capability Model
The Capability Model defines a baseline of the things insurance companies
need to do – the company’s capabilities. It includes a listing of process
names for some of those capabilities, called Process Maps. This model can
be used in process engineering, merger/divestiture evaluations and business
operations analysis.
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Information Model
The Information Model provides the relationships among insurance concepts,
such as Policy, Product, Party, and Claims. It can be used to
jump start application development, consume ACORD XML messages, and as a
semantic model for integration, among other uses.
The Information Model 2.0 Beta release is now available. This beta release is the next major iteration of the ACORD Framework Information Model and harmonizes concepts found in the 1.x releases, as well as concepts from the IBM donation of the Business Object Model with refinements for a cross domain industry perspective on the content. ACORD staff is continuing to refine the content. As such, subsequent beta releases will be communicated in the near term. Refinement work is largely specific to documentation details. Similar refinements involve checks for data integrity and consistency. Please view the readme file for additional details.
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 Data Model
The Data Model is a logical level entity-relationship model. “Logical level”
implies that it can be used in any database implementation. Some of the many
uses of the ACORD Data Model include creating physical data models, data
warehouses, or to validate your own data models.
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Component Model
The Component Model is a set of reusable components for the various data
services in the insurance industry, organized around the kinds of concepts
described in the other models. This model has many uses including portfolio
rationalization design and the basis of specifications for software builds or
buys.
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