Pearl River, N.Y. - ACORD, eEG7 and CSIO today made public the release of a harmonized data dictionary for the insurance industry. This marks the completion of efforts by this international standards bodies coalition, which includes ACORD, the European forum for the development of e-business standards for electronic communication (eEG7) and the Canadian-based Centre for Study of Insurance Operations (CSIO), to harmonize their existing data dictionaries as part of a United Nations initiative.
This new data dictionary provides the technology neutral, reusable building blocks that serve as the basis for the development of messages for all lines of insurance business. The common data elements and their definitions have been identified and harmonized to one element name and definition for each concept such as "coverage," "risk object," or "claim." This dictionary will facilitate information exchanges for placing, claims processing, accounting, and more. In the initial phase, property and casualty was the focus. Life insurance was considered at a high level.
These elements are the core components used by the individual standards organizations to build their specific standards for their individual communities and geographies. The data dictionary forms the solid foundation on which to build standards and ensure interoperability. All parties noted that their individual insurance data standards will continue to be developed with an eye to these international definitions.
The associations submitted this harmonized data dictionary to UN/CEFACT (United Nations Centre for Trade Facilitation and Electronic Business), providing them with already agreed upon international insurance industry data elements and definitions. UN/CEFACT is creating a methodology for achieving interoperable standards within and across business sectors including among others insurance, finance, transport, and healthcare.
"It was an exciting project and this harmonization of data standards created a unified, global dictionary. It will facilitate e-business and process optimization across the insurance sector worldwide, together with our customers in other industries," said Dr. Manuel Reimer, Chairman, eEG7.
"As the insurance sector continues to expand and globalize, cooperation, understanding, and communication among all trading partners, regardless of their geographic location, is essential to create a truly worldwide insurance lingua franca," said Greg Maciag, CEO and President of ACORD, Pearl River, N.Y.
The dictionary is available to the public from each organization's website. It provides a high level, syntax neutral foundation on which standards organizations can build and map specific messages and XML schemas to meet their own unique market and geographic requirements while remaining compliant with the now agreed upon definitions.
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