The good news coming out of the ACORD-LOMA Insurance Systems Forum, held May 22-24 in Orlando, Fla., is: The role of standards is strong and growing for top-ranking carriers. The not-so-good news is: For many other carriers, it's still a struggle to get buy-in for standards from the business side.According to a survey conducted by ACORD of its top 25 members-chosen based on A.M. Best data for premiums and market penetration-90% currently have a strategy in place to implement ACORD standards and 93% have plans to do so this year.
Top carriers are using ACORD standards for internal integration. When asked whether they are being used for internal or external integration projects, only 7% use ACORD standards strictly for internal connectivity, 39% use them for external only, and the majority (54%) use the standards for both internal and external integration.
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