Member Reports - Acord

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14 Framework @ACORD_Framework acord.org/framework “we Now SHAre A CoMMoN LANGuAGe ANd A CLeAr roAdMAP.” - BoRiS BulanoV, inFoRMatica. It has been a year of great activity and progress for the ACORD Framework. The recently released Information Model version 2.0 marked the beginning of a new phase in the development of the model. The Information Model represents the concepts and relationships of the insurance industry across all programs, and will continue to be at the core of all ACORD Standards development. ACORD members can use the model as the basis of application development, for validation of existing models, or as a source of information exchange between the business and IT areas. Broad availability of the enterprise-class model allows carriers, software vendors, and service providers to align strategies and move forward. Mapping the content of the various ACORD Standards to the Information Model is already underway, focused on common subject areas used across all programs. The Framework team has taken great care to align existing ACORD Standards, including the ACORD Forms Library as well as the XML and EDI data formats, to the Model. The Data Model is progressing, with a member-driven working group validating the structure and design before conducting a general review of the entire model. We expect many positive enhancements to the model as a result of membership participation. ACORD’s team has also laid out the foundational pieces of the final piece of the Framework, the Component Model. 15
16 Forms & eForms Newer, faster, easier…and helping you stay compliant. ACORD’s Forms department spent 2011 streamlining its internal processes to provide faster and more efficient response to the users of our more than 800 forms. Whether we’re developing new forms for Australia or updating existing forms to comply with new government regulations, we work to make sure that you can always access the most current forms when you need them. eForms and eLabels An eForm is an electronic version of an ACORD form. An eLabel is a unique data label, consistent across all ACORD eForms, that provides a common reference point between a specific field on the eForm and the corresponding field in a database. Systems that incorporate eLabels make it easier for insurers and solution providers to make required updates to our eForms more efficiently. This means users can access the latest versions of ACORD eForms more quickly. eLabels and eForms help keep users current and compliant, and also make it possible for solution providers to expand their systems’ capabilities. ACORD Forms are always evolving in response to regulatory and user requirements. As we release new forms, we’ll also develop matching eLabels as needed. Compliance In response to our forms users’ needs, a new Forms FAQ now resides on the ACORD website, fed by a knowledge base that addresses their questions in a clear and consistent manner. One common question: How do I know if the ACORD Forms I’m using are compliant with the latest regulations in my area? We can’t predict when lawmakers will decide to change regulations that affect our forms, but we can make sure that we respond quickly to regulatory changes. For example, in 2011 we learned that New York State was instituting new requirements for producers, and we immediately began work with the state’s Insurance Department, the Association of Professional Insurance acord.org/Standards/forms Agents (PIA) and the Independent Insurance Agents and Brokers of New York (IIABNY). The resulting new form, ACORD 39, was released in advance of the regulatory deadline, and will make it easier for producers to comply with the new disclosure requirements. ACORD is prepared to support any other jurisdictions with a similar regulatory requirement. We’re helping you stay current and compliant, year after year. Dynamic Forms Many ACORD Forms users have asked about the possibility of creating dynamic ACORD forms. A dynamic form changes according to the user’s needs. For example, specific form fields might disappear if they’re not being used, or could expand to accommodate additional required information. In 2011 ACORD brought together agents, carriers, and solution providers to discuss the concept and completed a white paper that documents the business case and user issues in detail. In 2012 we will continue to explore the possibilities. AGENCY CONTACT NAME: PHONE (A/C, No, Ext): FAX (A/C, No): E-MAIL ADDRESS: CODE: SUBCODE: AGENCY CUSTOMER ID: INSURED NAME OF INSURED (First, Middle, Last) PRIMARY PHONE # NAME OF SPOUSE (First, Middle, Last) (if applicable) PRIMARY PHONE # CONTACT CONTACT INSURED NAME OF CONTACT (First, Middle, Last) PRIMARY PHONE # DATE OF BIRTH FEIN (if applicable) DATE OF BIRTH WHEN TO CONTACT HOME BUS CELL SECONDARY PHONE # LOSS LOCATION OF LOSS STREET: CITY, STATE, ZIP: COUNTRY: DESCRIBE LOCATION OF LOSS IF NOT AT SPECIFIC STREET ADDRESS: KIND OF FIRE LIGHTNING FLOOD LOSS THEFT HAIL WIND PROPERTY LOSS NOTICE HOME BUS CELL INSURED LOCATION CODE POLICY NUMBER CONTACT'S MAILING ADDRESS PRIMARY E-MAIL ADDRESS: SECONDARY E-MAIL ADDRESS: PROPERTY / HOME POLICY DATE OF LOSS AND TIME DATE (MM/DD/YYYY) CARRIER NAIC CODE POLICY NUMBER POLICY NUMBER DESCRIPTION OF LOSS & DAMAGE (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) REPORTED BY HOME BUS CELL HOME BUS CELL SECONDARY PHONE # FEIN (if applicable) SECONDARY PHONE # MARITAL STATUS HOME BUS CELL MARITAL STATUS HOME BUS CELL FLOOD POLICY CARRIER NAIC CODE WIND POLICY CARRIER NAIC CODE INSURED'S MAILING ADDRESS PRIMARY E-MAIL ADDRESS: SECONDARY E-MAIL ADDRESS: SPOUSE'S MAILING ADDRESS (if applicable) PRIMARY E-MAIL ADDRESS: SECONDARY E-MAIL ADDRESS: REPORTED TO POLICE OR FIRE DEPARTMENT CONTACTED REPORT NUMBER PROBABLE AMOUNT ENTIRE LOSS ACORD 1 (2011/07) Page 1 of 3 © 1988-2011 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD AM PM Certificates Last year ACORD changed the cancellation wording on its certificates in response to state regulatory requirements. This change required insurance producers, carriers, and regulators - as well as those outside the industry who receive certificates, such as general contractors, mortgage lenders, and governmental agencies - to adapt to the new language. ACORD took immediate action to help increase Forms Highlights understanding of the issue, including hosting a meeting with industry leaders to raise awareness, participating in webinars, seeking out speaking opportunities, and responding to inquiries from agencies, carriers and other organizations to educate them about the insurance regulatory realities that made the language changes necessary. • New and enhanced ACORD Forms were approved and released in 2011. These included Cyber Liability, Specialty Lines, Flood, Disclosure and Garage. • Several sectional-style personal lines forms were redesigned to be republished as “stand-alone” applications, including: • Personal Umbrella Application • Dwelling Fire Application • Personal Inland Marine Application • Mobile Home Application • Watercraft Application The corresponding forms were similarly upgraded to incorporate any relevant information added to the redesigned applications. • ACORD convened a new Life & Annuity Forms focus group to take a fresh look at the current ACORD Life & Annuity forms, and help prioritize actions based on industry needs. 17
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