Insurance Xml

Written by Patricia Skinner
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Now that Extensible Markup Language (XML) has begun to be implemented in many areas of the business world, insurers and other financial services providers have been quick to see the implications of this technology development. Particularly in the area of B2B e-commerce.

Insurance XML and Your Business

XML provides easy-to-follow and understand mechanisms for data transfer and business monitoring. Even business auditing can be done online. The potential impact of XML on insurance and other such enterprises is enormous. With XML, every participant in the business chain, such as agents, insurance companies, brokers, and underwriters, can all streamline their paper-intensive processes and standardize the way in which they interact and exchange information.

Standardize With XML

For example, insurance underwriting requires multiple document exchanges between many parties, and there are a multitude of decision points at which coverage can be approved or declined. XML is a critical technology for standardizing and automating this complicated information exchange processes. Other advantages to using an XML network for such enterprises are that it is platform-independent, extremely low cost, and has the ability to develop and keep up with technological developments yet to come.

Implementing an XML system can save time and effort in integrating both internally, and externally. Now, for the first time, businesses can share data without the endless compatibility problems that have been a characteristic of online business up till now. Now, interchangeability will simply be a matter of synchronizing document fields and so on.

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