ACORD provided this unique asset to its member community, enabling carriers to receive member demographic and benefit enrollment data in a common format from group enrollment platforms. The Standard improves service levels while optimizing costs by simplifying how insureds shop for, enroll in, manage and exchange benefits.
The Standard is based on a generous contribution earlier this year from Benefitfocus (NASDAQ: BNFT), the leading cloud-based benefits management platform. As a result, ACORD established the Employee Benefits Implementation Community, which is comprised of leading carriers and solution providers, to extend and refine the baseline Standard on an ongoing basis to increase industry impact. ACORD's Employee Benefits Implementation Community is in the process of finalizing a detailed review and update of the contribution. The next draft of enhancements to the Standard is scheduled for release on October 1, 2017, with an official release in Q1 2018.
There will be a featured session on the enhanced Employee Benefits Standard at the ACORD2017 conference from October 24-26, 2017 in Boston.
If you would like to learn more about this initiative or would like to become involved in ACORD Standards, please contact Standards@acord.org.
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange, and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org.