The American Association of Insurance Services (AAIS) and the Association for Cooperative Operations Research and Development (
ACORD) have announced a partnership that will grant the two non-profit organizations easier access to each other’s information and resources.
The goal of their union is to broaden the scope of standards for property/casualty insurers.
The partnership will focus on three initiatives, as outlined by
Insurance Journal:
- AAIS will use ACORD “code sets” in the statistical framework AAIS uses in regulatory activities
- ACORD will integrate AAIS resources, such as knowledgeable staff, into its standards
- The partnership will allow insurers that belong to ACORD and AAIS to be traceable throughout the AAIS Underwriting Platform and applications with ACORD data standards.
Leaders of both organizations believe that this relationship will optimize efficiency and product quality.
“AAIS’s use of ACORD data sets in our statistical reporting will mean standards-based consistency for our data reporting members,” Bill Bickerton, AAIS vice president of data analytics, told
Insurance Journal.
In addition, ACORD can now enhance and expand the standards it produces.
“Our partnership with AAIS will significantly expand our ability to service our members and the insurance industry as a whole,” Shane McCullough, ACORD chief enterprise architect, said.
