The Product Model facet of the ACORD Reference Architecture has been updated with a new release. The Product Model is a graphical notation that allows users to quickly, easily, and precisely represent insurance products in a manner that is useful to both technical and business users. It allows organizations to methodically build or enhance product offerings by breaking down individual features in a product and the method of overall product composition.
This release adds a comprehensive Term Life product to the existing Personal Auto examples. The sample combination of these two relatively unrelated products will be useful as an illustration for product architects who are looking to expand their offerings in any type of insurance. This example has been prepared by ACORD to provide the reader with practical guidance on customizing the ACORD Product Model for use within their enterprise.
To download Version 2.1, or for more information about the ACORD Reference Architecture, please visit acord.org/RA.