Written by Patricia Skinner
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Since 1970 Acord has been serving the insurance industry developing standards on a nonprofit basis. Today, Acord is recognized as a world leader in XML for electronic data sharing. Worldwide, more than 1,000 financial services institutions and over 15,000 industry organizations are affiliated with Acord. The organization has been so successful that other organizations are starting to copy its strategies.

Acord Sets Standards

Acord is devoted to setting and raising standards and services for the insurance and web services industry, and developing the use of standards for the insurance and financial services industry. Acord achieves these objectives by remaining an unbiased, independent advocate for sharing information across diverse platforms. Acord helps members meet industry challenges such as competition, globalization and business environments, customer demands and technology.

Financial Services to E-Business

Over the years Acord's mission has graduated to facilitating e-business in all its forms. This is partly achieved by improving market reach, reducing costs, streamlining work procedures (eliminating repetitiveness), improving accuracy and security, and supporting multiple distribution models.

Some of the e-business strategies recommended by Acord include speeding up communication channels, positioning the enterprise for long-term viability, streamlining business procedures and expanding market opportunities to meet global needs. An important issue is encouraging business to create new paradigms that embrace the future instead of the past. Many business do not think in terms of the speed and capabilities of modern technology. Their business policies are still rooted in the distant past.

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