Insurance Data Management Association Joins ACORD

ACORD and the Insurance Data Management Association have exchanged memberships according to ACORD President and CEO Gregory A. Maciag. This alignment of memberships furthers ACORD’s commitment to collaborate with other associations on standards issues, such as standards development, privacy, security and data quality, Maciag said.

“Partnering with other organizations with different strengths will help us position the industry to take advantage of the Internet and all it has to offer,” he saidd. “IDMA’s members represent the definers, processors, and users of data sent in ACORD standard formats. Their participation on our committees will bring a unique perspective to the development of ACORD standards.”

IDMA is an independent nonprofit professional association dedicated to increasing the level of professionalism in insurance data management. Founded in 1984, the association provides a forum for the discussion of insurance statistical, data administration, and data quality issues, and the use of current technology for satisfying insurance data needs.

Until recently, most of the insurance industry has viewed proprietary data standards as a competitive advantage, according to Gary W. Knoble, co-chair of IDMA’s Data Standards Initiative, and vice president, Data Management, The Hartford.

“With the explosion of e-commerce and other forms of electronic communication, the industry has come to realize the need for universal standards for the exchange of data,” Knoble said. “I believe the need to create common data standards for data exchange between trading partners is one of the most important challenges facing insurance data managers. The partnership between IDMA and ACORD promises to be very important in helping the industry to meet this challenge.”

IDMA has been working with ACORD to promote the development and adoption of data standards, and will advance the participation of data managers in standards efforts. Peter Marotta, principal, Data Management Consulting, at ISO and past president of IDMA, who co-chairs the IDMA Data Standards Committee, is actively participating in ACORD’s Large Commercial Accounts working group and online discussion list-serv for XML development, providing leadership and input.

The membership exchange with IDMA is the latest in a series of relationships ACORD has established with standards-setting organizations and end users of data. Other working relationships include the National Association of Independent Life Brokerage Agencies (NAILBA), the Centre for Study of Insurance Operations (CSIO), Risk and Insurance Management Society (RIMS), the American National Standards Institute (ANSI), and UN/EDIFACT.

Topics Data Driven