ACORD

ACORD, the Association for Cooperative Operations Research and Development, is the insurance industry's nonprofit standards developer, a resource for information about object technology, EDI, XML^[1] and electronic commerce in the United States and abroad.^[2]

ACORD's most widely known accomplishment is the publication and maintenance of a huge library of standardized forms for the insurance industry. ACORD has subsequently built a huge library of electronic data standards for electronic exchange of insurance data between trading partners. Most of the forms and electronic data standards now used in the U.S. and a growing list of other countries have been developed by ACORD. The Lloyd's of London insurance market uses ACORD standards for messaging between counterparties.^[3]

ACORD has worked with the Centre for Study of Insurance Operations on a number of initiatives, including the development of North American XML data standards^[4] and the development of a telematics data standard.^[5]

History

ACORD got its start in 1970 as a not-for profit organization formed by insurance carriers and agents focused on building efficiencies in the U.S. Property Casualty Insurance Market. Originally termed the Agent Company Operations Research and Development (ACORD) organization, its initial focus was in standardizing the many proprietary forms being used by carriers for new business and claims submission.^[6] In the late 1970s ACORD began developing electronic standards to complement the form standards. ACORD subsequently expanded both its forms and electronic data standards beyond Property and Casualty Insurance to encompass Life, Surety and Reinsurance markets.^[7]

References

External links

• www.acord.org