Designed to enable companies to transact business more efficiently, effectively and expediently – across lines of business and the globe, from producers and insurers to reinsurers and other parties – industry standards have shaped the life insurance market. And, as solutions for efficiently managing ACORD messaging continue to evolve, technology providers like Hyland Software will play a key role in shaping the market's future.
For Life insurers utilising enterprise content management (ECM) solutions such as OnBase, business-to-business information sharing is already a reality. By removing the embedded file from ACORD Messaging strings such as the ACORD 506 and ACORD 1122, OnBase automatically stores the data in its native format (as a TIFF, a PDF or other format), updating the XML string with a URL to the document location. This data is embedded into the insurer's core system so that the information may be easily accessed directly from within a case file stored in the system of record. OnBase classifies and manages the documents automatically without human intervention, updating core systems when new documents enter OnBase and consistently managing files received either through a third party or directly at the insurance company.
With OnBase managing ACORD messages, insurers increase productivity and improve service level agreements.