REDMOND, Wash. — May 21, 2007 — Microsoft Corp. today announced its participation in the working group that created ACORD’s Insurance Capability Model, which was designed to address the growing insurance industry challenges of aligning new and legacy business systems with emerging business practices and processes.
ACORD is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. Microsoft Services participated in the working group by providing insights and thought leadership to the development of ACORD’s new model, which was first reviewed at the ACORD Standards Forum held Nov. 13–15, 2006. Microsoft Services used its business architecture methodology as input to the ACORD working group effort that resulted in the creation of the initial ACORD Insurance Capability Model. Microsoft Services continues to provide insights through the use of its methodology and insurance knowledge as an ongoing member of the working group.
Siloed systems and redundant processes create difficulty for insurance companies as they strive to meet business objectives. Fragmented business requirements result from the lack of common business capabilities, processes and vocabulary. Ultimately this fragmentation has affected IT departments and the ability of solution providers to release cost-effective IT solutions to match business requirements.
“ACORD’s Insurance Capability Model, used with the Microsoft® Insurance Value Chain, will provide the industry with a working methodology and industry standards framework to develop and implement successful solutions for addressing mission-critical challenges,” said Dennis Maroney, worldwide insurance industry manager for the Commercial Sector Group at Microsoft. “We appreciate the opportunity to participate in the ACORD Standards process by sharing Microsoft Services’ business architecture methodology with the ACORD working group in an effort to bring standardization to the insurance industry.”
ACORD’s Insurance Capability Model is one of five specific components that collectively create the ACORD Standards Framework. These components establish an architectural foundation that enables companies to build their overall business architectures and gain competitive advantage. ACORD’s Insurance Capability Model defines insurance industry business capabilities and is used by ACORD members and the industry to accomplish the following goals:
Identify the common and unique industry capabilities and areas for ACORD Standards asset reuse
Provide the basis for the definition of business process models and business process service definitions
Identify where existing ACORD Standards can be leveraged and where opportunities exist for further development of ACORD Standards
“As ACORD and our members work to build the future of the ACORD Standards, we are grateful to members like Microsoft that actively participate in this growth and expansion, advance the standards and support the industry as a whole,” said Denise Garth, vice president, Membership and Standards, ACORD. “Microsoft’s assistance in building our Insurance Capability Model has helped move the process forward more rapidly, and the work they did with their fellow working group members was a great achievement. ACORD is about members and innovation, and, clearly, that is what Microsoft has provided to us for our Insurance Capability Model.”
Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London as well, ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD Standards and services improve efficiency and expand market reach. Affiliated with ACORD are hundreds of insurance and reinsurance companies, and thousands of agents and brokers, related financial services organizations, solution providers, and industry organizations worldwide.
About Microsoft Services
Microsoft Services is the consulting, technical support and customer service arm of the world’s leading software company. More information can be found at http://www.microsoft.com/services/microsoftservices/default.mspx.
About Microsoft in Financial Services
Microsoft’s Financial Services Group provides software that helps financial firms transform the customer, employee and operations experience so they can maximize opportunities for increased market share and profitability. Microsoft software helps empower people and IT staff within financial firms — and across key focus areas such as advisor platforms, channel
renewal, insurance value chain, enterprise risk management and compliance, and payments. Through a combination of Microsoft- and partner-provided solutions, customers enable their employees to turn data into insight, transform ideas into action and turn change into opportunity.
More information about Microsoft’s Financial Services Group can be found at http://www.microsoft.com/financialservices.
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