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Jun 29, 2016

Life and Annuity Working Groups Update

The Life and Annuity Working Groups are making great strides to introduce new and relevant content to ACORD Standards.  The best way to know what is happening and keep a pulse on the activities is to join the Working Groups. Click here to learn more!  

Highlights from the first half of 2016 include: 

Program Working Group (PWG):  The Program Working Group (PWG) is charged with overseeing the Life and Annuity program and all subsequent changes. During the spring 2016 XML cycle, 57 Maintenance Requests were reviewed and approved, involving 417 individual changes. The Candidate Release of these changes was published on June 10th, 2016 and the final version 2.36.00 will be released on July 1st, 2016. To review the highlighted changes, please watch the Plenary webinar. Any new ideas, issues, or concerns come to this group for discussion, so join us to lend your voice to the conversation!

Life Architecture Working Group (LAWG): The Life Architecture Group is responsible for overseeing that ACORD Standards conform to architectural and technical guidelines, as well as best practice implementation. For example, one recent change introduced this spring was recording the exact number of transactions per a specific process. CorrelationGUID was added to the AuditEntry Object to facilitate reporting of these transaction counts.

Transaction Specification Working Group: This group is a subset of the PWG and facilitates the development of tightly defined Transaction Specifications. A Transaction Specification provides very specific and detailed requirements for messages (meaning all required, conditional, and optional elements, use case scenarios, sample XMLs and schemas, as well as everything you need to successfully implement a transaction). Recent activities in this group include a new Policy Number Request Transaction. Among ongoing development efforts are the DTCC AppSub to ACORD 103 (New Business) Transaction, Producer Training, and Policy Admin and Policy Admin Inquiry.

Employee Benefits Product Distribution (EBPG): Employee Benefits is focused on establishing standards to support Employee Benefit Product Plan Designs, Census and Enrollment functionality.  Recent activities include focus on the Request For Proposal (RFP). Several updated RFP forms were also included in the Spring Release: 785 RFP, 786 RFP Life Supplement, 787 RFP Short Term Disability, and 788 RFP Long Term Disability.

Claims Working Group (CWG):  The Claims area is targeting automation opportunities in Claims Processing.  The First Notice of Loss Transaction Specification was developed to initiate a notification of a Loss. Current efforts are focused on developing a new Claim Status Notification Transaction, intended to communicate the status of a claim between the Carrier and the Agent.  The Claims WG is also evaluating the creation of an industry claim form.

eDelivery Working Group (EDWG):  The eDelivery Working Group is targeting the delivery of a Policy, but eventually it could encompass any type of document.  The group is also focusing on electronic signature, Payment Preferences, and ePayment activities for potential automation.

Product Modeling (PMWG): The Product Modeling Working group had great success defining Product Profiles for Annuity products, and now the group is targeting Product Profiles for Life products, starting with Term. The group will define all the requirements for consistent Life Product Profiles to enable easy adoption of PPfL(s) and order entry applications.

Forms and Data Mapping (Forms): The Life and Annuity Forms and Data Mapping Working Group is targeting the adoption of Forms in the Life and Annuity domain. Recent activities include the creation and publication of the 951e – Electronic Transfer of Assets form which includes e-signature and enables straight-through exchange processing. A new form requested by Distributors in support of Surrenders in the state of Florida was being introduced in the spring release. Several state specific replacement forms are in progress for Georgia, Delaware, and Idaho, as well as updates to the 759 NAIC Replacement Form.