The ACORD Capability Model provides a blueprint of all business capabilities that are used by an insurance company, covering ten high-level business capabilities, and subdivided into hundreds of lower level business capabilities. The ACORD Capability Model can be used by architects, analysts, and managers to look at their enterprise through the lens of business capabilities to see what it does, rather than how it is done.
This release has updates to the various levels of capabilities and diagrams, focusing primarily on two high level capabilities that support insurance processing.
- Business Management is the set of capabilities that relate to how the insurance company deals with external parties and processes that allow the carrier to function as a business. We have updated the capabilities of Government and Industry Relations, Mergers and Acquisitions, and Knowledge Management.
- Enterprise Services is the set of capabilities that relate to the myriad of departments within an insurance carrier that indirectly support the carrier’s primary purpose of selling policies and processing claims. These departments include Legal, HR, IT, Operations, Facilities, etc. We have made changes here to Data Management (including Data Security, Data Governance, and Data Enrichment), Risk Management, and Workforce Administration.
The ACORD Business Glossary is a dictionary of terms that consists of insurance concepts and includes definitions, usages, and references. This release of the ACORD Business Glossary model includes business terms that are important to the capabilities just added in the ACORD Capability Model. The total number of terms defined in the Business Glossary is over 6,000.
To download the models or for more information about the ACORD Reference Architecture, please visit www.acord.org/RA.