Article ID: 02ab6ee345f1c2b1c5f8d668fb78f8f6c178fef205b56554cf8af7f7948cf2ae
Source ID: primary:reinsurancene.ws
Published At: -
Extraction Method: trafilatura
Body Text
ACORD, the global standards-setting body for the insurance industry, has released enhanced online versions for two key components of the ACORD Reference Architecture: the ACORD Data Model and the ACORD Information Model. The browser-based tools can help organisations optimise the development, deployment, and modernisation of insurance industry applications, and have been made available in this format for the first time. Subscribers of the tool can access these new assets via ACORD Standards Online Applications, a digital interface featuring enhanced accessibility, navigability, and interactivity. Coming to the two specific releases, the ACORD Data Model is a logical-level entity-relationship structure, and can be used in any database implementation, explained the body. Some of its many uses include designing physical data models and data warehouses. Meanwhile, the ACORD Information Model, a formal and conceptual representation of data elements across all lines of business, provides a comprehensive framework of all fundamental insurance concepts and a broad view of the relationships among them. The body explained that something as simple as an policyholder address change, which may be performed by a customer service representative, an agentic AI, or the policyholder themselves via a mobile app, needs to be updated across party models, and synchronised the change across mailing, billing, and CRM systems. The ACORD Reference Architecture provides the relevant model constructs to distinguish between human and automated paths, facilitating each step of the process, from requirements to data design to validation.
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