Agencyport Software Accelerates Open Standards Development for P&C Industry

Posted: May 15, 2012 at 9:11 pm

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Agencyport Software, a long-time contributor to the development of ACORD standards in the Property & Casualty insurance and reinsurance industry and a leader in the adoption of these ACORD standards through its various software products, announced today a significant contribution of data mappings to the Association for Cooperative Operations Research and Development (ACORD), the leading non-profit standards development organization serving the insurance and financial services industries. Specifically, Agencyport has contributed its proven AL3 to ACORD XML mappings to ACORD to use in its efforts to provide mappings from ACORDs eForms to its other standards as well as additional mapping initiatives.

ACORD's AL3 (Automation Level 3) standards were first created in the 1980s so that carriers and independent agents could be updated more quickly by carrier data sent nightly via download from their carriers. This led to the significant implementation of AL3 batch download, and later to real-time processing using ACORDs XML V1.x standard. In 2003, shortly after it was founded, Agencyport brought AgencyConnect to market, an enterprise software solution that enables carriers to receive inbound AL3 and XML messages from independent agents and integrate a single, normalized XML feed to carriers rating and policy systems to handle upload, bridging and real-time rating.

ACORD standards have been incredibly important to the insurance industry since their inception and for us in North America and in Europe, these standards help our customers do business with tens of thousands of agents, brokers and other trading partners every day, said Steve Hauck, co-founder and co-CEO of Agencyport Software. The data mappings that have worked so well for us and our customers will help ACORD and its members by providing valuable data mappings used in the implementation of its standards. We are proud of the work we have done and the implementations of ACORD standards with our products AgencyPortal, AgencyConnect and most recently Turnstile. We feel that by ACORD having our interpretation of the standards, it can continue to work with other standards implementers to promote collaboration and achieve consistent implementations of its Property and Casualty standard. We are honored to partner with ACORD so that the market can more quickly and more easily utilize consistent standards in such products as eForms, real-time implementations, as well as other initiatives.

Agencyport provided its AL3 to XML mappings for more than 10 lines of business, including Homeowners, Personal Auto, Dwelling Fire, Personal Umbrella, Personal Package, Business Owners, Commercial Auto, Commercial Property, General Liability, Commercial Umbrella, and Commercial Package.

We are very excited to receive this contribution from Agencyport Software. They have been a long-time supporter and implementer of ACORD Standards and this action shows their dedication to advancing standardization across the industry. They also reinforce the importance to all stakeholders that standards are not standards unless they are implemented consistently, said Marcia Berner, Director of Implementation Services at ACORD. We hope that Agencyport's example spurs others to share in the movement. After all, its all about enabling automated transactions in real-time and making it more conducive to all implementers to do the same. We thank them for feeling so passionate about the use of Standards in the insurance marketplace and in realizing the benefits that true Standards implementations will have on the industry as a whole.

About Agencyport Software:

Agencyport Software (formerly Sword Insurance), makes the business of insurance more efficient through technology innovation. We offer the world's leading web-based distribution technologies, global policy administration solutions and robust business intelligence toolsa powerful mix that makes the complex business of insurance easier and smarter, and helps our customers seize opportunities and gain a competitive edge quickly.

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Agencyport Software Accelerates Open Standards Development for P&C Industry

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May 15th, 2012 at 9:11 pm