Standard file format reduces hundreds of discrete file formats to one, bringing a higher level of efficiency, data integrity, and scalability to the insurance industry.
Pearl River, N.Y., January 12, 2017 - ACORD, the global data standards-setting body for the insurance industry, has accepted the contribution of an enrollment XML asset and specifications from Benefitfocus. Formerly known as iMax®, the asset has been added to ACORD’s offerings as the ACORD Member Enrollment Standard. It enables carriers to receive member demographic and benefit enrollment data in a standardized format from group enrollment platforms.
“This is an exciting breakthrough for the life and ancillary insurance industry and a natural fit for both ACORD and Benefitfocus,” said Benefitfocus President and COO Ray August. “Making the new standard broadly available supports the Benefitfocus mission of helping people live better lives through better information, and we believe under ACORD stewardship, the standard will continue to improve upon the file format that Benefitfocus established more than 10 years ago.”
The enrollment asset from Benefitfocus is currently used by more than 10 life and ancillary insurance carriers and supported more than four million enrollment transactions in 2016, providing a strong starting point for industry-wide adoption of the ACORD Member Enrollment Standard. The new ACORD Standard will play an essential role in advancing an automated employee benefits enrollment process and in improving efficiency and effectiveness across the insurance value chain. ACORD will work with key carriers and service providers to enhance its new Standard to meet the evolving needs of the industry and encourage industry-wide adoption.
“Data is a critical component, yet the employee benefits industry has not seen standardization across the enrollment process. Because of this contribution from Benefitfocus, the enrollment platforms and carriers will now be able to streamline the process and eliminate varying formats, promoting interoperable systems that ultimately provides increased member value,” said Bill Pieroni, ACORD President and CEO.
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London.
Benefitfocus (NASDAQ: BNFT) provides a leading cloud-based benefits management platform that simplifies how organizations and individuals shop for, enroll in, manage and exchange benefits. Every day leading employers, insurance companies and the consumers they serve rely on our platform to manage, scale and exchange benefits data seamlessly. In an increasingly complex benefits landscape, we bring order to chaos so our clients and their employees have access to better information, make better decisions and lead better lives. Learn more at www.benefitfocus.com, LinkedIn and Twitter.