Two non-profit insurance organizations are teaming up to expand the reach of the standards they develop and maintain for insurers.
AAIS, the American Association of Insurance Services, and ACORD, the Association for Cooperative Operations Research and Development, announced that each organization has become a member of the other, with mutual access to each other's information.
AAIS is an advisory organization and statistical agent that provides standardized policy forms, rating information, and automation support used by more than 700 property/casualty insurers throughout the U.S. ACORD is a global standards development organization that facilitates the creation of open consensus data standards, reference architecture, and standard forms to improve data communication across diverse platforms.
The AAIS and ACORD relationship will initially focus on three areas:
- AAIS will incorporate ACORD code sets for numerous fields in the statistical plans AAIS maintains for regulatory reporting and ratemaking.
- ACORD will incorporate contributions from AAIS, including staff expertise and insight from AAIS member companies, into the core ACORD Standards.
- Insurers that are members of both ACORD and AAIS will find that the partnership facilitates traceability across any implementation of the AAIS Underwriting Platform and any rating and underwriting application that utilizes ACORD data standards.
"AAIS's use of ACORD data sets in our statistical reporting will mean standards-based consistency for our data-reporting members," said Bill Bickerton, AAIS Vice President of Data Analytics. "Integrating ACORD standards with AAIS's programs will increase efficiency for our members, enhance the quality of our products and services, and extend the mission of our organizations."
"By utilizing AAIS's statistical and reporting data and expertise, ACORD will continue to broaden its Standards offerings," said Shane McCullough, ACORD Chief Enterprise Architect. "Our partnership with AAIS will significantly expand our ability to service our members and the insurance industry as a whole."
For information on reporting statistical data to AAIS, contact Rick Maka, AAIS director of marketing and strategic alliances, at rickm@aaisonline.com or by calling 630-457-3222.
For more information about ACORD, please contact Member Services at memberservices@acord.org or visit www.acord.org.