For many carriers, the savings from standardizing data transfer to reduce paperwork represents a quickly demonstrable ROI stemming from XML-based standardization."The insurance industry has the most to gain from XML because of the paper intensity companies deal in every day," says Lloyd Chumbley, assistant vice president of standards for ACORD. "A lot of industries have already been slowly ridding themselves of some of that congestion. But insurance companies have not done this to date."
Boston-based OneBeacon Insurance Group, for one, estimates that it is saving up to $535,000 a year from a newly implemented XML-enabled automated claims processing solution. Most of the savings is calculated based on administrative time no longer spent re-keying or manually routing documents around the company.
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