ACORD has released enhanced online versions for two facets of the ACORD Reference Architecture, the Business Glossary and Capability Model, providing interactive digital access for these assets which empower insurance organizations to optimize their enterprise applications.
ACORD members can access these new versions on the ACORD Standards Online Applications site, which also hosts interactive components and tools for implementation of the ACORD Data Standards.
The ACORD Reference Architecture consists of seven facets—Information Model, Data Model, Business Glossary, Capability Model, Process Model, Product Model, and Component Model—which businesses can use individually or collectively to align operational processes, data structures, and technological systems.
The Business Glossary helps businesses communicate more effectively internally by providing standardized definitions of over 6,000 insurance terms. This ensures that within an organization, different departments are using the same terminology for various data elements when working with an in-house platform or system.
The Capability Model helps businesses identify core activities across the insurance value chain—such as underwriting, policy administration, digital marketing, etc.—and measure current capabilities in executing them. This supports operations analysis, project planning, aligning cross-functional teams, and other critical initiatives that drive efficiency and consistency across the organization.
The digital, browser-based interface of the Standards Online Applications site enhances interactivity, navigability, and traceability for users working with the Reference Architecture to guide the development, deployment, and modernization of insurance industry applications.
To learn more about specific use cases for the ACORD Reference Architecture, see "7 Real-World Applications of the ACORD Reference Architecture" in Insurance Innovation Reporter.