ACORD, Wise Form Alliance To Promote Online Standards.ACORD ACORD Association for Cooperative Operations, Research and DevelopmentACORD Agency for Cooperation and Research in Development ACORD Association de Coopération et de Recherche pour le Développement (French) and WISe, the global reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. standards organization, plan to bring their XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. standards together, said Gregory A. Maciag, ACORD's president and chief executive officer. 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 straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. . 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 See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. , 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. |
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