ACORD looking to launch more digital standards

ACORD has partnered with L&T Infotech to develop digital standards for insurers.

The goal of the new standards and reference architectures is to enable more microservices-powered communication protocols, helping insurance companies quickly deploy the transformative initiatives craved by carriers across lines of business. Among the technologies that will be enabled are blockchain, AI and machine learning,

Jason Alden/Bloomberg

“The insurance industry’s rapid movement towards a digitized, heavily API-based environment necessitates new standards and tools for efficiently exchanging information. ACORD and [the ACORD Services Group] are excited to work with LTI in this arena because of its proven commitment to the insurance industry, strong domain knowledge, and experience working with digital technologies," says Bijesh Jacob, SVP Technology & Standards, ACORD Solutions Group.

Blockchain in particular has attracted the attention of insurers, who realize the need for companies to be on the same page in order to get the most from the distributed-ledger technology. The RiskBlock Alliance, with more than 20 carrier members, was set up by The Institutes in 2017 and has already yielded proofs of concept and pilots. In health insurance, five health insurers and clinical laboratory Quest Diagnostics launched the Synaptic Health Alliance to assess how blockchain technology could be used to ensure the most current provider information is available in health plan provider directories.