ACORD & Electronic Signatures

Marcia Berner, ACEDirector, Implementation Services

ACORD CorporationDate

Who are we?

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• Association for• Cooperative• Operations• Research and• Development

Insurance Data Standards,Forms, and Strategic Initiatives

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• Standards Development

• Relationships & Implementation Services

SDO: Program and Locale

Program

• Property & Casualty• Life and Annuity• Global Reinsurance and

Large Commercial Lines

Locale

• US & Canada• Bermuda• London Market• South Africa• Australia• China• India• Russia

Current and Developing Standards

• P&C– XML V1.x– AML– eForms– AL3 (legacy)

• L&A– ACORD XML– ACORD AML– DTCC

• GRLC– DRI– Reinsurance

standards

Facets of theACORD Framework

What insurance companies do

Common interfaces and services

definitions for

insurance systems

Glossary of terms used by all other facets of the Framework

Logical persistence model

based on the Information Model

The relationships

among insurance concepts

SDO: Our Members

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• Insurance Carriers

• Agents/Brokers• Distributers• Solution Providers

• Industry Associations*

SDO: Member Driven Standards

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• Agile approach• Standards WG’s• Specific WG’s• Program WG

2020: Relationship & Implementation Services

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• Relationship Management

• Implementation Services

• Strategic Future Initiatives (R&D)

2020: Strategic and Future

Initiatives

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• R&D• Implementation Communities

• Metrics

Relationship of Activities

Standards

CurrentActivities

Communities

Metrics

Future

R&D

SDO

ACORD

2020

Vision

Projects

Electronic Signature Community

Number Independent Agents*

1996 • 44,000

2002 • 40,000

2006 • 37,500

2012 • 38,500

Consumer Age Demographics

2012 Top Technology Challenges

• Protecting Security of confidential info• Ensuring confidentiality of data transmitted• Marketing Effectively on the Internet• New in 2012 – providing clients with mobile

apps

Where is the industry?

• Property & Casualty– Low adoption– Understand there are benefits– Small number agents are using– Very small number carriers will accept

• Life & Annuity– NAVA/IRI standard for annuities– LBTC documenting requirements

AUGIE Community

Electronic Signature Community

Strategic Analysis Document

There is No Magic Bullet

Grow CommunityAdvocacyAUGIE 2013 Named PriorityWebinars/EducationRegional Summits? Standards????? Regulators????? Associations????

Get Involved