To deep dive into ACORD Forms, we need to have a look at history firstly. 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 an extensive archive of standardized forms. In addition, the organization has also developed a comprehensive library of electronic data standards. In fact, it includes more than 1200 standardized transaction types. Therefore, these types facilitate the exchange of insurance data between trading partners. ACORD developed many of the forms and electronic data standards utilized by the insurance and related industries today.
ACORD has also worked with the Centre for Study of Insurance Operations on numerous initiatives. One of these initiatives is the development of North American XML data standards.
ACORD is headquartered in Pearl River, NY. They maintain 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 processing of ACORD forms is a big burden. Fortunately, the CaptureFast document and data capture solution automates this process, making it faster, more efficient, and less error-prone. Upload, scan or take a photo of these forms, select the fields. Then extract data within seconds.
In conclusion, Intelligent OCR technology allows relevant information within ACORD forms to be directly transferred to relevant business applications that the insurance carriers or wholesalers use, making the quote process much more efficient. Ultimately, this creates a faster insurance application process for the customer.