Today, we announced that ACORD will be using the Intentional Platform for creating, managing and publishing all ACORD Insurance Standards across all working groups. The new ACORD Standards Development Platform (SDP) will accelerate and simplify the standards development process and create higher accuracy and usability for ACORD member organizations by redefining the way ACORD records and processes their expansive insurance industry knowledge.
ACORD is the standards organization for the insurance industry and has been creating insurance standards for over 40 years. ACORD provides interoperability standards for the insurance industry in areas like Property & Casualty insurance, Life insurance, and Reinsurance. With over 500 member companies worldwide – insurance carriers, agents, software vendors and systems integrators – ACORD plays a central role in the $140B insurance IT market.
From the press release:
“We are always looking for advancements in technology that enable us to serve our members better,” said Pete Teresi, ACORD CTO and Vice President of Standards and Technology. “The Intentional Platform will allow us to develop and publish standards more quickly, and give ACORD member companies a more direct way to consume and implement our standards in their business operations efficiently and accurately. That will help improve their overall business performance.”
“ACORD is in the vanguard when it comes to innovative technologies. We look forward to working closely with them on their Standards Development Platform,” said Charles Simonyi, Founder, CTO and Chairman of Intentional Software.
“This partnership with ACORD is an example of how the Intentional Platform solves problems where traditional platforms and technologies fall short on processing vast amount of industry knowledge,” said Magnus Christerson, Executive Vice President of Intentional Software. “In addition to standards development, the Intentional Platform is also being used for other insurance industry solutions. This ACORD partnership demonstrates how we are fulfilling our mission to enable our customers to activate and process their unique industry business domain knowledge.”
What today’s announcement means is that the ACORD standards will be developed and published in a semantically richer and more accurate, where knowledge around business rules and data formats are integrated and activated in the standards. Currently, ACORD standards are developed and published using several formats including Microsoft Word and Excel, XML and HTML, UML and others. Using the Standards Development Platform, standards will continue to be available in XML and other formats, but these formats will be generated automatically from a semantics preserving knowledge base defining the standards.
For ACORD member companies, there will be a more direct, efficient and accurate way to consume and implement the standards in their business operations. Preserving a standard’s intent—its insurance domain knowledge—in a processable form across the value chain makes it more efficient to consume for all members adopting the standard. The processing of the insurance domain knowledge:
- makes it the single source of truth,
- allows it to be transformed in a number of ways for the use of various stakeholders,
- serves it as an easy to understand and consume abstraction layer to simplify both XML and EDI standards, and
- simplifies the standards update and maintenance process.
Preserving intent of the insurance knowledge in the standards makes it accessible for business experts and technical experts alike. The structured insurance knowledge can be used to integrate and generate implementations for insurance integrations and systems, and documentation in a number of formats, platforms and systems.
This is an exciting time for all of us here at Intentional Software. We are honored and humbled to see our technology, approach and platform being adopted by one of the largest, most knowledge intensive, and most conservative industries. (Their business is after all risk management!) We look forward to the work in front of us, and believe this decision by ACORD represents a shift of how knowledge intensive businesses will operate in the future in the insurance industry and beyond.
And by the way, we are hiring like never before to work on the Intentional Platform and its applications!