StandardsintheU.SInsuranceIndustryandAdvancedSystems.pdfVIP

2004/10/01 Standards in the U.S Insurance Industry and Advanced Systems Development Method -ACORD LOMA Insurance Systems Forum 2004 report- Introduction The Center for Financial Industry Information Systems (JAPAN) is conducting continuous research on the IT strategies within the insurance industry worldwide. This report is to introduce the latest topics of IT trends in the U.S insurance industries, which were shown in the ACORD LOMA Insurance Systems Forum held at Las Vegas, on May 23 – 25, along with follow-up researches with related IT vendors and a consulting firm in Japan. Chapter I outlines the Contents of the ACORD LOMA Insurance Systems Forum (hereafter referred to as “forum”), profile of the attendees, and about ACORD, who co-hosted the forum. Chapter II illustrates Standards within the U.S insurance industry. The ACORD standards started with the standardization of insurance paper forms, then evolved into electronic data standards using EDI1 and then XML2 technology, contributing greatly to the IT and data infrastructure of insurance industry. （ChapterⅢ is abbreviated） I ACORD LOMA Insurance Systems Forum The forum focuses on the latest topics of business strategies, information technologies, and data standards development and implementation within the insurance industry. The attendees include insurance and reinsurance companies, agencies, brokers, consultants, IT vendors/solution providers and so on. This was the first joint forum by ACORD（Association for Cooperative Operations Research and Development） and LOMA(Life Office Management Association)3. １ About ACORD Based in New York, ACORD is a global, nonprofit insurance association whose mission is to facilitate the development and u