For Financial Services Professionals

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	July 17, 2006 ACORD Process Models: The Impact Will Be Long Term IBM's Insurance Application Architecture Will Help Standardize Processes by Marc Cecere with Bruce D. Temkin, Peter Hult

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Executive Summary

IBM's donation of Insurance Application Architecture (IAA) process models and a data dictionary to ACORD will have a significant impact on the insurance industry. However, these models still require vetting by ACORD's members, implementations by software and services companies, and acceptance by insurers that are focused on solving immediate problems. Given IAA's limited success to date and the ambivalence of insurers to standardized business processes, widespread implementation of ACORD processes is at least two years away. Once this occurs, however, the industry will gradually change as the elements of the insurance value chain will be uncoupled and business processes will be sourced from internal and external providers based on objective criteria.

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