You may have heard about interoperability already... but you will definitely be hearing a lot more in the months to come!
Interoperability can be encountered whenever standard processes need to interact among implementers of different standards syntax: for example, implementers of P&C, GRLC, AML or any ACORD standards, and other organizations’ standards.
ACORD standards are being used by companies doing business across geographies, across lines of business, and with more automation. Business practitioners want more straight-through processes, which creates a greater need for interoperability.
To address interoperability the standards program procedure now requires that before a new working group is formed the function being addressed by the new working group be discussed with all the ACORD domain programs. First, to determine if the business function being addressed by the new working group already exists in an ACORD standard format, and second if it does not exist, if then it impacts multiple line of business (for example P&C and Reinsurance).
Let’s look at two specific business cases:
- Standards in the binding authority process: In this business case, we are addressing business originated from the US (which uses P&C) and Australia (which uses AML) into the London market. The Binding Authorities working group has representatives from the P&C and the AML programs; jointly they are determining the business requirements for the multiple lines of business covered in the binding authorities function. The outcome will be the same process handled by the P&C and AML syntax.
ACORD, using the information provided by the working group, is currently creating a proof of concept, for mapping the P&C to AML for the Property and Casualty line of business. This will give the receiver, the London market carriers, the choice of receiving the data in one standard, and the senders from the US and Australian market to continue to use their standard of choice. If you want to know about this contact Mel Harding (mharding@acord.org).
- Global companies, using an established accounting process based on the GRLC standards, interacting with companies in the Australian market that are looking into establishing a similar accounting process in AML. There will be a joint working group to discuss the business process in both communities. If you would like to know more about this contact Alan Stitzer (astitzer@acord.org) or Phil Brown (pbrown@acord.org).
If you have any questions on interoperability, contact Maggy Leon (mleon@acord.org) or the program managers listed above.
You may have heard about interoperability already... but you will definitely be hearing a lot more in the months to come!
Interoperability can be encountered whenever standard processes need to interact among implementers of different standards syntax: for example, implementers of P&C, GRLC, AML or any ACORD standards, and other organizations’ standards.
ACORD standards are being used by companies doing business across geographies, across lines of business, and with more automation. Business practitioners want more straight-through processes, which creates a greater need for interoperability.
To address interoperability the standards program procedure now requires that before a new working group is formed the function being addressed by the new working group be discussed with all the ACORD domain programs. First, to determine if the business function being addressed by the new working group already exists in an ACORD standard format, and second if it does not exist, if then it impacts multiple line of business (for example P&C and Reinsurance).
Let’s look at two specific business cases:
- Standards in the binding authority process: In this business case, we are addressing business originated from the US (which uses P&C) and Australia (which uses AML) into the London market. The Binding Authorities working group has representatives from the P&C and the AML programs; jointly they are determining the business requirements for the multiple lines of business covered in the binding authorities function. The outcome will be the same process handled by the P&C and AML syntax.
ACORD, using the information provided by the working group, is currently creating a proof of concept, for mapping the P&C to AML for the Property and Casualty line of business. This will give the receiver, the London market carriers, the choice of receiving the data in one standard, and the senders from the US and Australian market to continue to use their standard of choice. If you want to know about this contact Mel Harding (mharding@acord.org).
- Global companies, using an established accounting process based on the GRLC standards, interacting with companies in the Australian market that are looking into establishing a similar accounting process in AML. There will be a joint working group to discuss the business process in both communities. If you would like to know more about this contact Alan Stitzer (astitzer@acord.org) or Phil Brown (pbrown@acord.org).
If you have any questions on interoperability, contact Maggy Leon (mleon@acord.org) or the program managers listed above.