MIB Inc., the Westwood, Mass.-based voluntary association of nearly 600 life insurance companies, and ACORD, a not-for-profit insurance industry standards developer in Pearl River, N.Y., are working together to promote the adoption of data standards within the life insurance industry. ACORD XML is a non-proprietary, industry-specific standard of XML technology, which provides a generic method of processing and transferring data via the Internet. ACORD will develop standard forms for electronic life insurance applications so that the industry can use a common form and have a common data communications standard. MIB plans to incorporate ACORD XML for Life Insurance standards in its existing MIB interface, with plans for the eventual deployment of a full XML system.
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