ACORD is committed to helping the industry achieve the goal of straight-through processing by offering Transaction Specifications. This ACORD asset defines detailed specifications for how a consistent “standard” message should be crafted from the overall L&A data model vocabulary. The Transaction Specification supports a tightly defined business function that clearly specifies all the required, optional and conditional data values that can be used in the message. Detailed use cases, sample XML Request and Response messages, schemas, and business process flow diagrams are some of the assets included with the Transaction Specifications.
ACORD originally developed Transaction Specifications because our members and other users of the Standards expressed a need for greater consistency in the implementation of messages. Since ACORD facilitates an open standards development process, any interested party, not just ACORD members, may propose a change or enhancement to the ACORD Standards, which includes Transaction Specifications. The Life & Annuity domain is pleased to announce that a formal Transaction Specification Request Process and Request Forms are now available!
Please visit the Maintenance Request & Process
section of the ACORD website to access the documents.