To deep dive in Acord Forms, we need to have a look at history. ACORD, the Association for Cooperative Operations Research and Development, is a non-profit organization in the insurance industry. It is widely known across the industry with extensive archive of standardized forms. In addition, organization has also developed a comprehensive library of electronic data standards. To sum up, it is more than 1200 standardized transaction types. Therefore, these types provides exchange of insurance data between trading partners.
Today, ACORD developed many of the Acord forms and electronic data standards utilized by the insurance and related industries.
In 2018, ACORD partnered with DataPro on the production of new software. This software would streamline the implementation of insurance data standards. The project’s aim was improving between legacy data systems and a new wave of automated data processing systems.
Similarly Acord forms, ACORD also provided expertise on digital data standards to streamline the proof of insurance process. They attempt to eliminate the time and labor intensive paper insurance certificates that dominate the global insurance market. Then, a pilot project for the new platform, called Insurwave, launched in the spring of 2018. Platform uses the blockchain to create a distributed ledger of insurance data. On the other hand, this platform automates recording of shipping information for maritime transactions.
ACORD has also worked with the Centre for Study of Insurance Operations on numerous initiatives. One of these initiatives is development of North American XML data standards.
ACORD’s headquarter is in Pearl River, NY and maintains an office in London, U.K.
In order to apply to different carriers and wholesalers, retail customers need to fill out different ACORD forms. However manual way of Acord form processing is a big burden. CaptureFast document and data capture solution automates this manual process of these forms. CaptureFast makes it faster, more efficient and less error-prone. Upload or take a photo of Acord forms, select the fields and then extract data within seconds.
Document capture allows relevant information within Acord forms to be directly transferred to relevant business applications that the insurance carriers or wholesalers use, makes the quote process much more efficient. In conclusion, this creates a faster insurance application process for the customer.