Posted by David Gallagher on Fri, Jun 11, 2010 @ 12:30 PM
I'm still thinking about the ACT (Agent's Council for Technology) and AUGIE (ACORD User Group Information Exchange) Meetings held at this year's ( May 2010) ACORD LOMA Annual Insurance Forum.
At the AUGIE meetings, Brian Bartosh, President of the Top' O Michigan Agency, and chair of a working group examining the refresh and update of ACORD forms introduced an innovative idea. While clearly positioning the idea as "for discussion", and not endorsed by AUGIE, it got me thinking. The idea was to "scrap" ACORD forms, and replace these standards with ACORD "print output standards".
All pre-built forms and data mappings for the iter8 portal and connectivity products adhere to ACORD standards. They capture information necessary to produce ACORD forms, and present information via pdf or print format. In addition carriers with unique requirements can capture additional information, and use it in rating, and in presentation to agents and policy holders.
Therefore I think we are a neutral observer.
It seems to me that the design of the form, such that it captures a myriad of information and must accommodate many scenarios, is very complex and at risk of growing too large to manage. Instead, if the working group was to dictate what information is needed, and how it should be presented to reflect ACORD Standards it would work much better. This is what Brian is saying. Let standards dictate what should be collected, and then how to present it, instead of worrying about how to put everything on an 8-page form.
I realize this means changing years of "this is how we do it", and that regulators must be brought on board, so that print outputs present all relevant information.
Still, to me this represents innovative thinking, something the industry should welcome.
Posted by David Gallagher on Tue, May 18, 2010 @ 02:35 PM
The ACORD LOMA 2010 Insurance Systems Forum begins this weekend. ACT and AUGIE Meetings occur on Sunday and Monday, and the conference trade show begins late afternoon Monday, with presentations beginning Tuesday morning.
iter8 is an exhibitor at the conference, Booth 253, and we'll be participating in presentations and sub-groups. One of iter8's customers, a subsidiary of La Capitale Financial Group, York Fire and Casualty is presenting the topic "How one Large Insurer Automated Underwriting".
They will not only speak about challenges they faced, strategies they developed, and tactics they imposed to deliver a successful solution, they will also demonstrate how their portal uses extensive connectivity to agency management systems and third-party systems to deliver a system agents and underwriters embrace.
That connectivity is a huge part of the ACORD 2010 Conference. Through standards ACORD has established, insurance carriers and independent agents can connect not just data, but connect processes and workflow, such that policy holders, agents and carriers all benefit.
I am pleased that York has chosen to demonstrate a live interchange of information between agent and carrier systems, for both a policy endorsement and a new business submission (if time permits). For it is one thing to talk about what happened and explain via PowerPoint's, and quite another to demonstrate just what they offer. I invite everyone to attend this presentation on Tuesday, May 25th, beginning at 1:45 pm.
Research study after study reveals agents are seeking ease of doing business with carriers. The new Novarica Research report , Best Practices in P&C Agent Portals, published in April 2010 states, "Agents place business with carriers that are easy to work with. Agents are looking for fast, easy transactions backed up by a good underwriting relationship".
To do this, superior portal solutions are needed, that are connected using standards, as set by ACORD. The industry needs common definitions, practices and standards, and the ACORD forum is a place where these are examined and discussed.
iter8 will also use the show to announce another new customer signing for iter8. We've been extremely fortunate to have a steady stream of new business to talk about, as well as three customers scheduled to "Go-Live" with their agent portals in June through September. With lots of good news, we're anxious to meet and greet.
My sense is that the success of iter8, and other third-party vendors, is leading many carriers to move away from "in-house" solutions, to third party vendor solutions. This is just an observation, as I don't have statistics in this area, so please comment if you have statistics in this area.
For all those not able to attend this year's Forum, but would like to get more details, please contact me, and I will share as much as I am able.