ACORD released updates to the Capability Model facet of its Reference Architecture. The Capability Model serves as a reference point for business process initiatives, listing over 500 functions or capabilities that a carrier must perform in order to survive and thrive in the insurance industry. These different functions are broken down into four tiers and involve strategy, planning, management, and execution in all business departments.
The latest update to the Capability Model adds 26 new functions of the industry, primarily focusing on the marketing and sales areas. These additions include:
- Capabilities that represent the feedback loop between the execution of sales functions and the next cycle of planning.
- Capabilities surrounding Event Planning and Compliance.
- Adjustments to Enterprise Management to better reflect modern styles of selecting software.
The enhancements to the Capability Model can be accessed here.
ACORD also recently updated the three data-related facets of its Reference Architecture: the Business Glossary, Information Model, and Data Model. For an in-depth case study of how the Data Model can be used, register now for the webinar There and Back Again: "Hobbit Insurance" Implements the ACORD Data Model on May 19th.