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PRESS RELEASE
ACORD,
eEG7 and CSIO Announce Release of Harmonized Data Dictionary for Global
Insurance Industry
PEARL
RIVER, NY - October 11, 2005 - The public release of a harmonized
data dictionary for the insurance industry was jointly announced today by
ACORD (www.acord.org), eEG7 (www.eeg7.org)
and CSIO (www.csio.com). This marks the
completion of efforts by this international coalition of standards bodies
to harmonize their existing data dictionaries as part of a United Nations
initiative.
This
new data dictionary provides the technology neutral, reusable building
blocks that serve as the basis for the development of messages for all
lines of insurance business. The common data elements and their
definitions have been identified and harmonized to one element name and
definition for each concept such as "coverage," "risk
object," or "claim." This dictionary will facilitate
information exchanges for placing, claims processing, accounting, and
more. In the initial phase, property and casualty was the focus. Life
insurance was considered at a high level.
These
elements are the core components used by the individual standards
organizations to build their specific standards for their individual
communities and geographies. The data dictionary forms the solid
foundation on which to build standards and ensure interoperability. All
parties noted that their individual insurance data standards will continue
to be developed with an eye to these international definitions.
The
associations submitted this harmonized data dictionary to UN/CEFACT
(United Nations Centre for Trade Facilitation and Electronic Business),
providing them with already agreed upon international insurance industry
data elements and definitions. UN/CEFACT is creating a methodology for
achieving interoperable standards within and across business sectors
including among others insurance, finance, transport, and healthcare.
"It
was an exciting project and this harmonization of data standards created a
unified, global dictionary. It will facilitate e-business and process
optimization across the insurance sector worldwide, together with our
customers in other industries," said Dr. Manuel Reimer, Chairman,
eEG7.
"As
the insurance sector continues to expand and globalize, cooperation,
understanding, and communication among all trading partners, regardless of
their geographic location, is essential to create a truly worldwide
insurance lingua franca," said Greg Maciag, CEO and President of
ACORD.
The
dictionary is available to the public from each organization's website. It
provides a high level, syntax neutral foundation on which standards
organizations can build and map specific messages and XML schemas to meet
their own unique market and geographic requirements while remaining
compliant with the now agreed upon definitions.
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