In this AAIS Advisory, Carol King, SVP Canada at Aisus and Chairperson for XML Best Practices and Data in Motion for ACORD, says “companies need to start thinking ahead from an information standpoint.”

In a fast-paced world, people want information in the format they want and when they want it. Ms. King explain that a consumer may want to know the cost of a car he’s looking at…a claims adjuster may want to know whether a claim is he adjusting is covered, or not. She says that’s a big challenge today as much of the information needed is stored in many different locations, if at all. Data needs to be stored in a format that can be read by anything, in any manner.

Ms. King says that data standards are trying to keep pace, enabling data to pass back and forth from person to person, or system to system. Data needs to be in any language to facilitate micro-messaging, “what if” scenarios, or instant information for claims adjusters. She says that is why ACORD standards are being designed to be used in “bits and pieces” and in any language.

Ms. King believes companies need to begin storing data with an eye towards its future use. “Just because an insurer doesn’t use the pitch of a roof today, doesn’t mean they won’t need it tomorrow.” Companies need to consider the data they may need in the future to service agents, or their agent’s clients, in a manner that delivers information as quickly as possible.

For more information on data standards in the insurance industry, visit the Aisus website.

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