Hyland to Support ACORD XML Data Standards

Westlake, Ohio – Hyland Software, developer of the OnBase enterprise content management (ECM) software suite, announced a collaborative initiative with select insurance customers to enable OnBase Workflow and BPM applications to support ACORD XML data standards. With the new integration capabilities, insurers will be able to use OnBase to process and share ACORD standards-based XML data with other systems without the need for complex custom coding.

The first phase of the initiative will meet the specific needs of individual customers, and will be completed in Fall 2008. An initial packaged release of the capabilities supporting ACORD standards is expected to be available in the first quarter of 2009.

“Our expectation for this enhancement is to improve our ability to streamline and standardize communication with third parties,” says Evamarie Bell, IT analyst at Salt Lake City-based Beneficial Financial Group, one of the carriers sponsoring Hyland’s development around ACORD standards. “With this solution, we will gain efficiencies from requests to vendor turnaround time and improved accuracy of information.”

The new functionality is based on ACORD (Association for Cooperative Operations Research and Development) XML standards, which were created to maintain a standard among insurance, reinsurance and related financial services industries. ACORD, Pearl River, N.Y., currently maintains two separate XML standards, including one for life, annuity & health and one for P&C/surety. Utilizing the ACORD specific data model with the benefits of XML, the new solution is designed to deliver answers to a wide variety of information sharing needs within the insurance industry.

Source: Hyland Software