ACORD, the standards-setting body for the global insurance industry, has announced the launch of a new digital application for the ACORD Property & Casualty Data Standards.
The application, AL3 Hierarchies Online, allows users of the P&C AL3 Standards to generate customizable diagrams for AL3 transactions, ACORD said.
AL3 standards are widely used throughout the insurance industry to download policy information and premium and commission data from insurer systems to agency systems, ACORD said in a press release. The AL3 hierarchy structure allows users to customize hierarchies according to their business needs and preferences.
The application’s current version produces diagrams for 13 lines of business, with more in development.
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The application was developed by ACORD Solutions Group. It joins a portfolio of ACORD Standards tools, including the Online Standards Voting Application, Online Help Files, and Standards Training Materials. All of these resources are freely available to members of ACORD Standards programs.
“ACORD Data Standards are developed and updated to continually increase the speed, accuracy, and effectiveness of digital data exchange throughout the insurance ecosystem,” said Pat Corless, senior vice president and global chief enterprise architect at ACORD. “By providing our members with digital, future-facing assets to aid in standards development and implementation, ACORD supports their efforts to innovate and drive the industry forward. The AL3 Hierarchies Online application is a valuable tool for anyone who works with AL3 transactions, enhancing standards literacy, supporting implementation, and driving efficiencies for our member community around the world.”
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