ACORD, Wise Form Alliance To Promote Online Standards.
Maciag told hundreds of attendees of the ninth Annual ACORD Technology Conference in Orlando, Fla., that the joint-venture reinsurance and large commercial standards managed by WISe now comes under the banner of ACORD.
Both Maciag and Rob WhiteCooper, chairman of WISe and senior director of the Marsh Group, said the venture is good for the industry in supporting the common goal of straight-through processing.
ACORD Vice President Rick Gilman said the venture will "expand and broaden our presence and role in standards-setting efforts upon the industry around the world."
As a result of this venture, ACORD plans to expand its operations, including opening offices in London and Brussels.
"In addition, we will be adding committees to our infrastructure to support all those standards and standards efforts," Gilman said.
Extensible markup language, or XML, is a standard computer language that allows users to create tags for each piece of information on a Web page. It's the catalyst for a single-entry, multiple-company interface--or SEMCI--something long sought by agents, who will be able to enter information into a system once, submit a coverage request to several insurers and receive quotes back quickly.