Paperless Business Operations Up to 99% in an Insurance Industry.

by Muhammad Asif

Vision of Paperless Paradigm.

• VPP, is much more sophisticated, with the ultimate goal being that a paper file is never generated in the first place.

• Still most of the Insurance Companies ,Insurers worldwide and Careers in US, are practicing the initial communications with their clients, through physical papers such as proposal forms i.e. in Underwriting the Policy schedule, Debit Note, receipt etc. and in the Claim FNOL, Claim Payments. and same with agents/brokers/re-insurer.

Main Objectives.• Save time, costs, and labor.• Improve efficiency.• Improve Communication. Through Web/Email/SMS etc..

• Provides Convenience.• Improve CRM (Customer Relationship Management)

• Exchange information using EDI ACORD Standard USA (XML for PDF).

• (adjusters, physicians, attorneys, nurse case managers, investigators, or state agencies)

• Achieving ROI.

What Is Acord?

ACORD was founded in 1970 as a standards setting organization for the insurance industry ACORD, is the Association for <Cooperative Operations Research and Development>, is the insurance industry's nonprofit standards developer, a resource for information about object technology, EDI, XML and electronic commerce in the United States and abroad.

Functionality Includes:

Uplink feature to easily import bordereaux data from Excel, ACORD XML and other formats.

Ability to process bordereaux declarations from Excel, ACORD XML and other formats.

Paperwork of the past

• Paperwork is a thing of the past, or at least it should be. A paperless process is best for everyone:

• Customers get better service, and agents and brokers can spend more time selling policies and solving customer problems.

• Technology exists to enable a completely paperless process for insurance quotes and claims.

Various Forms of EDI

Adobe Web Form Acord XML General XML MS Excel

Adobe partners with AcordAcord XML

“Combined with the ACORD XML standards, will enable our members to improve quality and service through automation of expensive manual processing, while complying with government mandates.”

Aziz Hussein,

Chief technology officer,

ACORD

ACORD fillable forms

Advantages of using Adobe fillable forms.

• Standardize the quotation process within in-house, independent agency, and broker systems using ACORD forms

• Use digital signatures to lock down parts of, or all of, a form.

• Create 2D barcodes to extract data between paper and digital documents.

• OCR can be use to Scan the Physical Document to extract data and convert to FORM XML.

A complex Paperless Insurance Business Process <Request for PA quote>

Customer/Prospects

Agent/Broker

Insurer/ Insurance Company

Insurance Core System

Customer/Agent Bridge Apps Web portal interface.

Customer/Agent Bridge Apps Web portal interface.

Acord XML Template DB

Initiate Request for PA Individual

policy quote Directly

Initiate Request for PA Individual policy quote over the Email/SMS/phone/fax etc..

Insurer Bridge Apps Web portal

interface.

Insurer Bridge Apps Web portal

interface.

Initiate Request for PA Individual policy quote over web apps service.

XML Web Service

Request prepopulated

forms

Returned Prepopulated forms

OR

Email/SMS Notifications

Agent Receive Request

SOAP Messaging Framework

ACORD e-forms

List of Acord Forms Covering only for USA Market.

• Country Wide P&C Forms.

• STATE P&C FORMS. ( State wise P&C Forms.)

ACCORD XML Compliant feature application

E-forms Features for DevelopersPreviously, when ACORD forms were updated, developers had to re-program each time for each form. eForms contain a consistent XML format, and unique XML tags for each form field, called eLabels.

eLabels are applied consistently across all ACORD eForms. ACORD has done the mapping from the physical form fields to the eLabels, so we only need to build once.

The latest updates to eForms can be downloaded and plugged into our systems as it get available online.

The industry as a whole supports ACORD and the development of forms. Will be Incorporating ACORD eForms into our products that will help us stay current and compliant. And eForms save insurer the time and expense of creating and maintaining proprietary forms.

http://link.brightcove.com/services/player/bcpid65600241001?bctid=58355791001

Bottom line

• With Adobe solutions for ACORD XML forms integration, insurers can enhance agent satisfaction through improved service levels and provides improve CRM almost Complete paperless environment.