ACORD Launches New Digital Application to Support Users of Property & Casualty Data Standards

NEW YORK, March 22, 2023 /PRNewswire/ -- ACORD, the standards-setting body for the global insurance industry, today announced that it has launched a new digital application for the ACORD Property & Casualty Data Standards. The AL3 Hierarchies Online application enables users of the P&C AL3 Standards to generate customizable diagrams for AL3 transactions.

AL3 Standards are widely used throughout the insurance industry for the download of policy information and premium and commission data from insurer systems to agency systems. The AL3 hierarchy structures provide a blueprint for users to build AL3 transactions. Through the new application, users can create hierarchies in a dynamic, digital format, customized according to their business needs and preferences. The current version of the application produces diagrams for thirteen lines of business, with others in development.

The AL3 Hierarchies Online Application was developed for the ACORD community by ACORD Solutions Group, the provider of solutions for standardized data exchange throughout the global (re)insurance industry. This latest digital asset joins a portfolio of new and enhanced ACORD Standards tools and resources, including the Online Standards Voting Application, Online Help Files, and Standards Training Materials across all lines of business. All of these tools are freely available to members of ACORD Standards programs.

"ACORD Data Standards are developed and updated to continually increase the speed, accuracy, and effectiveness of digital data exchange throughout the insurance ecosystem. By providing our members with digital, future-facing assets to aid in Standards development and implementation, ACORD supports their efforts to innovate and drive the industry forward," said Pat Corless, Senior Vice President, Global Chief Enterprise Architect, ACORD. "The AL3 Hierarchies Online application is a valuable tool for anyone who works with AL3 transactions, enhancing Standards literacy, supporting implementation, and driving efficiencies for our member community around the world."

ACORD AL3 Standards users can access the AL3 Hierarchies Online application at www.standards.acord.org and log in with their ACORD member credentials. For more information about ACORD Standards, please visit www.acord.org/standards.

About ACORD

ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.

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Beth Jarecki         
beth@lpendragonus.com

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SOURCE ACORD