ACORD bestowed an Early Adopter Award on online insurance provider InsWeb for its efforts to develop the XML (Extensible Markup Language) standard for p/c insurance transactions.
According to Gregory A. Maciag, president and CEO of ACORD, InsWeb’s early adoption of XML and negotiations with other companies to reach a consensus on specifications have been “extremely valuable.” “With the support of InsWeb and other leading organizations, we have refined an XML protocol which is expected to further accelerate the growth of online commerce for insurance,” Maciag stated.
InsWeb collaborated with The Hartford earlier this year to implement a live interface using the ACORD XML P&C specifications to facilitate real-time auto insurance quotes for online consumers.
“XML is expected to further improve InsWeb’s integration efficiencies by significantly reducing the time required to develop or modify data interface formats and by eliminating the need to precisely synchronize implementation changes between parties,” said Keith Lippiatt, chief technology officer for InsWeb. “With leading carriers such as The Hartford, we are learning firsthand about the economies that ACORD XML for P&C can provide industrywide.”
Other organizations that contributed to the development of the standard include Travelers, Microsoft, SAFECO, IVANS, National Grange Mutual, Applied Systems, AMS, Ontos and MYND.
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