ACORD announced a new release (version 2001.1) of the Joint Venture (JV) XML Standards for Reinsurance and Large Commercial Insurance. This new version is based on extensive pilot testing of the earlier version 1.0, released in June 2000, by a number of broker and reinsurer organizations in the U.S., U.K. and Europe.
According to ACORD, as a result of the pilots, transaction structures have been simplified, and XML designs optimized so that interfaces to them can be incorporated efficiently into an implementers’ internal systems.
“This latest version of the JV XML Standard will open up real opportunities in the future to do business with a wider variety of trading partners,” said Jeff Schattin, vice president, Finance & Operations, AIG Reinsurance Services.
The new release also includes updates to other implementation documentation, and to the JV interactive Data Dictionary, to fully support the new version of the XML standards.
Russ Martin, electronic commerce manager, of XL Re, said: “This comprehensive new release of the JV standards capitalizes on the significant efforts made by key organizations to pilot the original JV XML designs, and identifies the best ways to use this new technology to further expand the level of implementation within our industry.”
The new standards are available on the ACORD JV website (accessible from the ACORD website, www.acord.org, or directly via www.jvstandards.org).
On July 1, 2001, ACORD assumed responsibility of the JV Standards. Work on the JV Standards originally commenced in 1992, when its development was brought about by a partnership of industry organizations based in the U.S., U.K. and mainland Europe. At the time ACORD assumed responsibility for the Reinsurance Standards, the JV partners were WISe, IVANS, the Brokers and Reinsurance Market Association and the Reinsurance Association of America.
JV Standards have been developed for all parts of the business cycle, from placement through to accounting, claims and settlement. Utilizing the JV Standards reduces processing costs and accelerates placement and settlement of treaty and facultative reinsurance contracts.