ACORD is pleased to announce that Celent has awarded long-standing ACORD member Farm Bureau Financial Services (FBFS) its 2016 Model Insurer Award, which recognizes the year’s top technology initiatives in the financial services sector. FBFS won the award for the creation of a modernized operational data store that improves data integration between disparate systems. The initiative was developed utilizing an ACORD model.
FBFS (affiliated with holding company, FBL Financial Group, Inc.) is headquartered in West Des Moines, Iowa. Through an exclusive, multi-state agent force, the companies affiliated with the Farm Bureau Financial Services brand underwrite, market and distribute a broad range of insurance and financial services products to individuals and businesses.
The company recently faced a critical need to modernize its legacy data systems and integrate data originating from numerous disparate sources. FBFS turned to the insurance industry’s standard format, ACORD’s Reference Architecture Data Model, to effectively address their needs.– Utilizing ACORD’s model allowed FBFS to achieve multiple objectives: they created a data store that minimizes redundancy and fosters compatibility between systems while simultaneously increasing staff effectiveness, reducing risk and expense, and minimizing the number of point-to-point interfaces. According to Chris Burns, the Enterprise Data Architect at FBFS who spearheaded the initiative, implementation of ACORD’s model was key to the data store’s success.
Celent, a research and consulting firm focused on the application of information technology in the global financial services industry, announced FBFS’s receipt of the award at their Innovation and Insight Day, held on April 13th in New York, NY. A case study detailing the development and implementation of FBFS’s data store was presented at the event.
“Celent’s Model Insurer Award is given to companies that demonstrate the ability to apply technology to its utmost capabilities,” said Christopher Allen, ACORD Market Development and Retention Manager, who liaised with FBFS throughout the creation of their data store. “We are pleased that FBFS utilized ACORD’s Reference Architecture Data Model to develop a data store that ultimately results in optimized service to their client/members.”