The ACCORD Global Standards Strategy Committee will integrate existing standards into “eMerge,” a common form for data transmission, which will eventually replace current P&C and Life XML norms.
The committee, headed by Peter Nance, a Sr. VP of General and Cologne Re, sees “eMerge” as providing a common standard applicable to both insurance and financial services transactions, and “a natural evolution of the XML insurance standards that ACCORD has supported since 1998.”
“eMerge will facilitate more effective and efficient movement of data between trading partners,” Nance stated. ACCORD plans to make its current XML standards for P/C, Life Insurance and Joint Venture Reinsurance/Large Commercial standards “a cornerstone of the “eMerge development plan.”
Tana Sabatino, ACCORD’s assistant VP of Standards, explained that, “as the lines between insurance and the financial service sectors become blurred, the implementation of cross-industry standards becomes an essential component to a continued business growth plan. By adopting a common data exchange structure, data transfer becomes streamlined and simplified, both internally to an enterprise, and externally to all business partners.”
Current plans call for development work to begin immediately, and hopes are that a pilot program can be presented within a year.
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