Pearl River, NY — November 14, 2002 — A new product in the fight against insurance fraud was voted on and approved at ACORD's Standards Subcommittee meeting in San Francisco last week.
The ACORD XML claims investigation message standard was developed to help insurers share claims and investigations data more efficiently. Insurance Services Office, Inc. (ISO), a leading provider of insurance claims services and information about property and liability risk, and Accenture, a leading management consulting and technology services organization, validated the new message standard by successfully using it to exchange data in a pilot environment.
This ACORD-approved standard allows insurance companies to exchange first and subsequent notice-of-loss information with claims investigation service providers and to receive investigation results back from these providers. ISO is a leading provider of investigation services to the insurance industry through its all-claims database, ISO ClaimSearch.
"The new investigation business message is an important addition to the ACORD XML claims specification and we were happy to contribute to the proof-of-concept project," said David Hollander, managing partner of Accenture's Insurance Solution Group. "We are using this new message standard to allow customers of Accenture's Claim Components software solution to easily integrate fraud-detection services like ISO's into their mainline claim-handling processes."
"One key element in the industry's fight against fraud is an ability to easily share claims and investigations data," said Vincent Cialdella, vice president of ISO ClaimSearch. "The development of the XML claims investigations standard by the ACORD claims investigation working group was important to the industry's ability to share data using the newest technologies. We are pleased to have worked with Accenture to prove the validity of the new claims investigation message and will begin to implement the standard immediately."
Gregory Maciag, president and CEO of ACORD, said, "The work that ISO and Accenture just completed is essential in validating the ACORD standards. We're grateful for their leadership role in driving implementation."
Based in Pearl River, N.Y., 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 and New York, 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, software providers, and industry organizations worldwide.
Accenture is one of the world's leading management consulting and technology services organizations. Through its network-of-businesses approach — in which the company enhances its consulting and outsourcing expertise through alliances, affiliated companies and other capabilities — Accenture delivers innovations that help clients across all industries quickly realize their visions. With more than 75,000 people in 47 countries, the company generated net revenues of $11.57 billion for the fiscal year ended August 31, 2002. Its home page is www.accenture.com.
Insurance Services Office, Inc. is the premier source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; information about specific locations; fraud-identification tools; and data processing. Around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. For more information on ISO products, contact ISO at email@example.com or visit ISO at www.verisk.com/iso.
Michael Mahle (ACORD)
845-620-1700, ext. 401