Member Reports - Acord

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#STANDARDSMATTER CONNECTING THE DOTS STANDARDS .................................................... 6 NEW INITIATIVES ................................................................6 LIFE & ANNUITY PROGRAM. .......................................................9 PROPERTY & CASUALTY PROGRAM ................................................10 GLOBAL REINSURANCE & LARGE COMMERCIAL PROGRAM .............................11 “THE FUTURE OF THE INSURANCE INDUSTRY IS HERE TODAY. WE’RE GLOBAL, WE’RE EMBRACING TECHNOLOGY, AND WE’RE UNITING TO CREATE A COMMUNITY BASED ON FAST, EFFICIENT PROCESSES AND CLEAR COMMUNICATION. ACORD STANDARDS ARE A CORNERSTONE ON WHICH THAT COMMUNITY STANDS.” -JOHN LEONARD MAINE EMPLOYERS’ MUTUAL INSURANCE COMPANY (MEMIC) ACORD BOARD CHAIR AUSTRALIA PROGRAM ..........................................................12 WORKERS’ COMPENSATION REPORTING PROGRAM ...................................12 SOUTHERN AFRICA PROGRAM ....................................................13 FRAMEWORK .................................................. 14 FORMS ...................................................... 16 ACORD IN ACTION .............................................. 18 EDUCATION. ..................................................................18 “THE VALUE OF STANDARDS IS CLEAR TO EVERYONE ACROSS OUR INDUSTRY, FROM THE C-SUITE TO THE BACK OFFICE. I URGE YOU TO WORK WITH ACORD TO LEARN BEST PRACTICES FOR IMPLEMENTATION. STANDARDS ARE A WIN-WIN FOR ALL OF US.” -LAWRENCE BLAKEMAN ACORD BOARD VICE-CHAIR AROUND THE GLOBE ...........................................................19 AUGIE .......................................................................19 VOLUNTEER @ ACORD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 PARTICIPATION ................................................................21 ADVOCACY ................................................... 22 COMMUNICATIONS .............................................................22 EVENTS ......................................................................23 INDUSTRY & GOVERNMENT AFFAIRS ...............................................25 INSIDE ACORD ................................................ 26 BOARD OF DIRECTORS ..........................................................26 KEY STAFF. ...................................................................28 PARTICIPANT LIST ..............................................................29 4 5
8 agile Standards Development Organization ACORD has embraced an agile standards development environment to better serve its membership. The goals are simple: • More effective standards, developed faster • Unity: standards that work across multiple lines of business and geographies. The agile approach has enabled ACORD to respond more quickly to member needs and issues. Some highlights of the new standards approach include: Transaction Specifications: These detailed messages enable more consistent implementation. Several have been published and many more are in the pipeline. The Standards Architecture Advisory Group (SAAG): The former Common Services program has been renamed and expanded to include involvement in implementation, Framework and technical activities across all lines of business and standards programs. On-Demand Standards Cycles: The Australia, GRLC, Southern Africa and Workers’ Compensation Reporting programs are all following agile “on demand” development cycles rather than the previous fixed 6-month cycles. This allows us to respond rapidly to users’ requests, make draft standards available for use and review, and publish standards when they are actually needed. New Initiatives ID Federation Agents have to interface with multiple insurance companies, and each of those companies has its own rules around password management. The ID Federation hopes to create an environment where agents can manage passwords through their own agency management systems that allow them to access multiple insurance companies. ACORD and the ID Federation are working to develop a single sign-on solution. Mobility Mobile apps are a growing trend. Because ACORD Standards allow connectivity between two systems, they can play a major role in the way in which apps are used. ACORD is working to enhance the usability of ACORD Standards in mobile apps and is developing a community to explore what can be done to use mobility effectively. Exposure Reporting Exposure reporting allows an insurance company to understand its risk on a large scale, manage its reserves and respond effectively to global events. ACORD has been developing exposure reporting standards and is in the pilot phase of exposure reporting. Feedback from the pilots about how data is being used and what data elements need further clarification will help ACORD chart an appropriate course to best serve industry needs. e-Signatures ACORD released a new Strategic Analysis on eSignatures and e-Delivery developed in collaboration with international law firm Locke Lord LLP. The document provides an overview of the legal requirements and best practices for implementation. It serves as a foundational document for insurers and producers by fostering a greater understanding of the legal requirements for both Electronic Signatures and electronic delivery of documents, provides definitions of commonly used terms and addresses subjects such as record retention and admissibility of evidence in court. WITH ACORD’S UNIQUE ROLE IN THE INDUS- TRY, WE FELT THAT E-SIGNATURES WAS AN AREA IN WHICH WE COULD HELP BRING PARTIES TOGETHER, AND IT FITS NICELY INTO OUR 2020 VISION OF INCREASED IMPLEMENTATION. - MARCIA BERNER, ACORD 2020 “2020” is a reference to perfect vision. It’s also a reference to the calendar, but it won’t take till then to realize the ACORD vision. It’s already happening. The ACORD 2020 initiative identifies new standards implementation opportunities and helps drive those implementations. ACORD’s 2020 Advisory Committee includes representatives from across the industry. They reach out to diverse communities to identify challenges and obstacles to standards implementation. The data helps the committee to develop strategies to improve the implementation process. Value-To-<strong>Member</strong>s Project: ACORD saves Billions How do you measure the value of standards implementation – in dollars, in time savings and in effective deployment of resources? ACORD has engaged Douglas Hubbard, author of the bestseller How to Measure Anything to spearhead a project that demonstrates the value of standards implementation. Hubbard and his team worked with ACORD member companies who have completed implementation projects. Each company was asked to estimate cost savings and other benefits of implementation. Hubbard used that information to construct a model that allowed him to determine a range of potential values for the benefits per implementation by company. This data allowed Hubbard to compute a range of potential implementation values for the industry as a whole. Based on his findings, Hubbard estimated that ACORD Standards implementations save the insurance industry at least one billion dollars, and as companies continue to increase their standards projects, the value of ACORD implementation to the industry could grow to tens of billions per year. WE’VE DONE A LOT OF WORK ON RESEARCH AND DEVELOPMENT, AND WE’RE DOING WORK ON METRICS THAT SHOULD REALLY BENEFIT ACORD MEMBERS AND ALL THE PARTNERS IN THE VALUE CHAIN OF OUR INDUSTRY. – SPERO ZACHARIAS SVP, CHUBB RELATIONSHIP AND IMPLEMENTATION SERVICES The ACORD mission includes providing services that guide members toward easier and more accurate standards implementation. ACORD’s Relationship and Implementation team works to understand members’ priorities and provide the support they need. ACORD began a formal research and development effort in 2012 to identify potential new standards initiatives and explore other industry priorities, even those not directly related to standards implementation. One example is telematics: what began as a member’s suggestion became a formal working group that is now developing standards for telematics data exchange. As another service, ACORD created a Value-to-<strong>Member</strong> model designed to help measure the value of implementing ACORD standards. The model has been piloted and will be made more widely available to members over time. 9
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