SlideShare a Scribd company logo
1 of 52
ACORD - An Introduction
- Vinay Rajadhyaksha
Need for Standards
• Internal / Enterprise wide reuse
• Smooth communication with intranet/internet applications
Usage of standards establishes the following:
• Common Message
- Standardized message payload
• Common Structure
- Organization of various entities
• Common Vocabulary
- Insurance specific
Who is ACORD?
• Independent and Objective Association
• Develops, Manages and Promotes Standards
• Have a large membership profile
- carriers, re-insurers, agents, lab companies etc
• Active in the insurance space
- life, property & casualty, reinsurance
• Working on developing standards since 70s and
on life insurance standards since ‘94
Why XML?
• Not a technology tied to a particular
platform or vendor
• XML is
- Self describing
- Structured
- Extensible
XML provides the language, ACORD
provides the vocabulary
ACORD Life Basic XML
Concepts
• Date
<Birthday>YYYY-MM-DD</Birthday>
• Type Code (LookUp Values)
<MarStat tc=“1”>Married</MarStat>
• Identifiers
<Policy id=“1”> …… values
</Policy>
• Currency, Month, MonthDay
ACORD Root elements
• OLifE
This is the OLifE server object or the root
element
• TXLife
XML based transactions
• XTbML
Actuarial data
OLifE
• The OLifE object is one of the root
elements in the overall schema.
• The OLifE object contains number of
primary objects. Here are some examples
- Party, Activity, Holding, Relation,
PolicyProduct etc
Other important constructs
• Relation
• Attachment
• Defined extension mechanisms
- KeyedValue
- OLifEExtension
• All objects under the OLifE have an
definite sequence and in certain cases have
other constraints.
Coverage Planned
• Activity
• Holding
• Party
• PolicyProduct
• Relation
Activity
• For Policy service, this tracks
administrative activities for the service
department.
• For automatic processing, contains
information requiring automatic processing
• For producers, this typically tracks the
activities an agent engages in when working
with client during the sales process.
Activity Examples
• System message
- Informing user of some action take;
Call up the proposed insured/agent and get
additional information.
Call up Third Party Vendor and check up on
requirement status.
Ask Medical doctor to look at a case data.
• Appointment, Call
• Change coverage, change face amount
Activity - Properties
• @ID
• @PartyID
Party responsible for filling (Doing) the
activity.
• ActivityTypeCode
SYSTEMMSG, APPOINTMENT, CALL,
COVCHG, MATDATE,
CORRESPONDENCE, TODO
Activity – Properties Continued-1
• ActivityTypeDescription
ANNIVERSARY, COLDCALL, FOLLOWUP,
POLICYSERVICE,
UNDERWRITINGREQUIREMENT
• ActivityStatus
ACTIVE, CANCELLED, COMPLETE,
PENDING, SUSPENDED
• ActivityStatusDescription
NOINTEREST, NOTREACH, RESCHED, SOLD
• ActivityDetails
Activity – Properties – Continued -2
• Priority
- High, Low, Medium
• DueDate
• DoneDate
• RecurringFrequency
• LastUpdate
• Opened, Closed - Date
Holding
• Holding is a top level object that contains basic
information about any holding. The type of
holding will be indicated by secondary-level
objects contained within the holding object.
Assets & Liabilities
Policies, Investments, Loans, Banking
e.g. Life insurance, yacht, bank accounts, home
loan
Holding Properties
• @id
• HoldingTypeCode
POLICYINVESTMENT, ASSETLIAB, BANKING,
INVESTMENT
• HoldingStatus
ACTIVE, DORMANT, INACTIVE
• Purpose
BUSINESS, BUYSELL, INV, PERSONAL,
RETIREMENT
• CarrierAdminSystem
ADMIN, CLAIMS, NB
Holding Properties Continued -1
• AssetValue, LiabilityValue
• HoldingForm
GRPGEN, GRPASSOC, IND, INDUSTRIAL
• Policy
• Investment
• Loan
• Banking
Policy
• The policy object is needed if the holding is
a policy. It contains all the policy properties
that are generic across insurance policy
types.
• If the policy has investment options, the
investment portion of that holding is
represented using the investment object in
the model.
Policy Properties
• @id
• @ProductID
Reference to the investProduct object
• @CarrierPartyID
This is a reference to the Party Aggregate of the
Carrier of this item.
• @BankingID
In the case that the PaymentMethod is 'electronic
funds transfer' or 'credit card billing,' this is the
PartyID of the bank associated with the payments
Policy Properties – Continued -1
• PolNumber
• LineOfBusiness
e.g. Annuity, Health, Life, LTC etc
• ProductType
e.g. Term, term with cash, LTC, UL, VUL
• CarrierCode
e.g. GEFA, AML
• PlanName
• ReinsuranceInd
• PolicyValue
• PolicyStatus
ACTIVE, CANCELLED, FREELOOK, GRACEPD, LAPSED, MATURED
• EffDate, IssueDate, TermDate
Policy Properties Continued - 2
• PaymentMode
ANNUAL, DAILY, 4WKLY, MNTHLY, QUARTLY,
BIANNUAL
• PaymentMethod
CREDCARD, ETRANS, LISTBILL, PAYROLL,
REGBILL
• PaymentAmt, AccountNumber, RoutingNumber,
BankAcctType,
• CreditCardType, CreditCardExpDate
• XOR Group
Life, Annuity, Disability, PropertyandCasualty
Policy Properties Continued - 3
• RequirementInfo
Provides requested, outstanding and completed requirements
associated with the issuance of a Policy or a Producers
Appointments/Licenses/Registrations
– @id
– @AppliesToPartyID The party for whom requirement is required
– @RequesterPartyID The party requesting the req. e.g. carrier
– @FulfillerPartyID
– @PhysicianPartyID
– ReqCode e.g. MVR, MIB Update, MIB details, LAB
– RequirementDetails
Policy Properties – Continued 4
– ReqStatus Cancelled, Completed,
Outstanding, Received
– RequestedDate, ReceivedDate, DueDate
– Responsible Party Type e.g. Agent, HO,
Insured, Laboratory, physician etc
– HORequirementID
– StatusEvent (ACK, Add. Forms etc)
Policy Properties – Continued -5
• ApplicationInfo
This is used to support the workflow
associated with the submission process,
providing information essential to
determining where an application is in the
submission process
Policy Properties – Continued - 6
• The policy object has the following four
major subclasses
- Life
- Annuity
- DisabilityHealth
Disability / Health / LTC Policy
- PropertyAndCasualty
Life Properties
If the policy is a life insurance policy.
• FaceAmt, FaceUnits, ValuePerUnit
DeathBenefitAmt
• InitialPremAmt
• Coverage
• LifeUSA
If the policy is issued within the USA, this object
contains the properties that are unique to that
marketplace.
Coverage Properties
• This object contains the properties that pertain to a specific coverage
or rider within a policy. The base coverage information for this policy
is represented using this object as well.
A collection of coverage objects represents all the coverages or riders
for a particular life insurance policy.
• PlanName, ShortName, ProductCode
• LifeCovStatus
ACTIVE, CANCELLED, FREELOOK, QUOTED, REINSTATED,
PENDING, ISSUED, APPROVED
• LifeCovTypeCode
ENDOWMENT, LTC, TERMLEVEL, TERMINCREASE,
TERMDECREASE, UNIVLIFE
• InitCovAmt
Coverage Properties – Continued -1
• IndicatorCode
BASE, RIDER
• LivesType
JOINTFTD, JOINUND, JOINTLTD, SINGLE
• EffDate, TermDate
• DeathBenefitOptType
INCR (Face + Cash), LEVEL (Db = Face)
• BenefitPeriod(1yr, 10yr, 5 yr) etc
• Coverage acts a container for CovOption & LifeParticipant
Coverage Option
Supports options/benefits on a coverage or rider. Each coverage/rider may
have one or more options or benefits associated with it. Each option or benefit
is depicted using this object. Options can also be considered modifications to a
coverage or rider. A collection of option objects is utilized to represent all the
options or benefits a particular coverage or rider may have.
• @LifeParticipantRefID
• CovOptionStatus
• LifeCovOptTypeCode
e.g. ABE, ADD, ADB, CTB, WP
• UnderwritingClass
• AEROBIC, PREFPLUS, PREF, STD, DECLINED
• OptionAmt(In units), ValuePerUnit
• EffDate, TermDate
• BenefitPeriod, BenefitMode
• Container for ReinsuranceInfo
Life Participant Properties
Life Policy Coverage Participant Object is an association
between coverages and Parties. (This is a one-to-many
relationship.) This object represents the different
participants that are associated with a particular coverage
• @id
• @PartyID
• @MailingAddressID
• LifeParticipantRoleCode
ATTENDPHYSICIAN, PRIMAGENT, BENE,
APPLICANT, SPOUSE, CHILD, PRIMARY
• IssueGender, SmokerStat, OccupClass, UnderwritingClass
Party Properties
The party object represents the basic information that applies to either
a person or organization. The long-standing interpretation is that the
properties of Party represent the current state of the person, whereas
the properties in Coverage represent the state of things at the time the
Coverage was issued. Party can be Person or Organization.
• Further classification
- Agent
- Carrier
- Physician
- Proposed Insured
- EMSI/LabOne
Party Properties – Continued - 1
• PartyTypeCode
ORG, PERSON
• GovtID
• GovtIDTC
CAN Australia, ARBN Australia, Canadian Bus. Number,
SSN, Tax Ref Number SA
• ResidenceState
• PrefComm
EMAIL, FAX, PHONE, REGULAR MAIL
• FullName
%L, %F %M %S for person
• Address
• Email
• Phone
• Employment
• Risk
Person Properties
• Person is always a subset of party. If Party.Type = OLI_PT_PERSON
• FirstName
• MiddleName
• LastName
• Prefix(Dr., Mr. ), Suffix(Ph. D, etc)
• Gender(M, F, U, O, OU), MarStat(D, E, Se, M, Si, W)
• Birthdate, Age
• DriverLicenseNum, PassportNo
• OccupClass (H, M, O, Prof), OccupationType (Cook, Agriculture),
SmokerStat (Current, Never, Prior)
• Height2, Weight2, birthjurisdiction
Organization Properties
• Organization is always a subset of party. If
Party.Type = OLI_PT_ORG
• OrgForm – Association, Corp, Mutual
Company etc
• TrustType – Alaska Trust, Cemetry Trust
• NatureCategory – Agriculture,
Construction, finance etc
Address Properties
• Address pertaining to the party.
• Line1, Line2, Line3, Line4, Line5
• City, AddressState, zip, AddressCountry
• StartDate, EndDate, YearsAtAddress,
LegalAddressInd
Phone Properties
• Phone information relating to a party
• CountryCode, AreaCode, DailNumber, Ext
• BestTimeToCallFrom, BestTimeToCallTo
• StartDate, EndDate
• PhoneCountryTC, BestDayToCall
Carrier & EmailAddress
• A sub object under Party, providing more detailed
information about the insurance Carrier.
• Carrier
- CarrierCode, NAICCode
• EmailAddress
An e-mail address pertaining to the party.
- EmailType – BUS, PER
- AddrLine
- PrefEMailAddr
- StartDate, EndDate
Employment
• Aggregate providing details regarding a person's employment history.
• @ID
• @EmployerPartyID
• EmployeeID
• HireDate, RetirementDate, TerminationDate
• AnnualEarnings(includes non-sal income), AnnualSalary
• PayType
COMISSION, SALARIED, HOURLY
• SalaryMode
• EmploymentStatusTC
ACTIVE, ACTIVEDISABLED, DISABLED, LAIDOFF,
ONSTRIKE, RETIRED, TERMINATED
• OccupClass, Occupation
Risk Properties
• The risk information associated with insuring a
party
• AutoViolationsPoints, AutoLicenseSuspension,
ExistingInsuranceInd, ReplacementInd
• There are indicators provided for specific diseases
like DiabetesInd, CancerInd, AIDSInd,
TobaccoInd
• MedicalCondition, MedicalTreatment,
PrescriptionDrug, LifeStyleActivity, Violation,
FamilyIllness, MilitaryExp, CriminalConviction
Medical Condition Properties
• Information about a party's medical conditions
• @PrimaryPhysicanID
• ConditionType
• ConditionStatus
COMPLETED, ONGOING, PENDING,
RECOVERED, DRCARE
• Cause
ANXIETY, JOB, KSTONE etc
Medical Condition – Continued -1
• RecoveryDate, TreatmentStartDate
• NumberEpisodesLastYear,
ConditionLocation
• MedicalTreatment
• CariadacMurmur
Medical Treatment
• Information about a party's medical
treatments
• @TreatmentPhysicianPartyID
• @TreatmentFacilityPartyID
• TreatmentType
ADVICE, CHEMO, CHIRO, DIET, HOSP,
MED
• TreatmentReason
PrescriptionDrug
• A Prescription Drug Object
• PrescriptionDrugType
PPS (Prof. Phy. Service)
• PrescriptionDosageUnit
Milligrams
• PrescriptionDosageStrength
• PrescriptionDosageForm
TABLET, OTHER
LifeStyleActivity
• Information about a party's lifestyle activities
• LifeStyleActivityType
AVIATION, BALLOON, BOXING, RUGBY,
MILITARY
• ActivityFrequency
• Accidentdetails
• AviationExp, RacingExp, UnderwaterDivingExp
Object Linkage - Navigation
Linkage between various objects defined.
• Composition of objects
• IDs available within objects
• Usage of the relation object
Composition of objects
• Party  Person, Organization, Address,
Phone, EMailAddress, Physician, Risk
• Holding  Policy  Life  Coverage 
CovOption, LifeParticipant
IDs available within objects -
Continued
• LifeParticipant  @PartyID,
@MailingAddressID
• CovOption  @LifeParticipantRefID
• Policy  @ProductID, @CarrierPartyID,
@BankingID
Usage of the relation object
• @OriginatingObjectID
• @RelatedObjectID
• OriginatingObjectType
4 = Holding, 6 = Party
• RelatedObjectType
4 = Holding, 6 = Party
• RelationRoleCode
Agent, Beneficiary, PrimPhysician, Underwriter, Carrier,
Owner, Insured
• RelationDescription
Accountant, Boyfriend, Fiancee, Brother
Usage of the relation object
• StartDate, EndDate
• PrimaryAddressID
• PrimaryPhoneToCallID
• PrimaryEmailID
Person Navigation
• Proposed Insured
/OLife/Party[@id =
(//Relation[RelationRoleCode[@tc=32] and
OriginatingObjectType[@tc=4]][1]/@RelatedObjectID)]
RelationRoleCode = 32 OLI_REL_INSURED
OriginatingObjectType = 4 OLI_HOLDING
[1] signifies first occurance
Similar complex navigation logic is defined for other life participants like
owner, beneficaries, spouse and children. Refer the xmlifeselects.xml
ACORD Schema Extension
• KeyedValue
Generic object used to expand object hierarchy. Each
proprietary data item is represented using a KeyedValue
object. A collection of KeyedValue objects is utilized to
represent all the data items that have been appended to the
particular object.
KeyName, VendorCode, KeyValue
• OLifEExtension
Object used for extending the ACORD model. OLifE
Extension which uses the ANY construct to allow for any
valid XML to be contained in the extension
Coming soon.…
What’s TXLife all about?

More Related Content

Similar to ACORD introduction

ERD introduction in databases model.pptx
ERD introduction in databases model.pptxERD introduction in databases model.pptx
ERD introduction in databases model.pptx
ImXaib
 
CV_Sawan
CV_SawanCV_Sawan
CV_Sawan
rose660
 

Similar to ACORD introduction (20)

CSResume
CSResumeCSResume
CSResume
 
What does a trust framework operator do?
What does a trust framework operator do?What does a trust framework operator do?
What does a trust framework operator do?
 
ERD introduction in databases model.pptx
ERD introduction in databases model.pptxERD introduction in databases model.pptx
ERD introduction in databases model.pptx
 
Funding Module
Funding ModuleFunding Module
Funding Module
 
Trust elevation-abbie-v1
Trust elevation-abbie-v1Trust elevation-abbie-v1
Trust elevation-abbie-v1
 
The Contour Series_agent
The Contour Series_agentThe Contour Series_agent
The Contour Series_agent
 
Pay As You Go Solar Tech
Pay As You Go Solar TechPay As You Go Solar Tech
Pay As You Go Solar Tech
 
Insurance services
Insurance servicesInsurance services
Insurance services
 
ieCrowd Company Overview
ieCrowd Company OverviewieCrowd Company Overview
ieCrowd Company Overview
 
Money Talk-What Women Need to Know About Money
Money Talk-What Women Need to Know About MoneyMoney Talk-What Women Need to Know About Money
Money Talk-What Women Need to Know About Money
 
PCG Presentation
PCG PresentationPCG Presentation
PCG Presentation
 
CRM Software in India - SunSmart Technologies
CRM Software in India - SunSmart TechnologiesCRM Software in India - SunSmart Technologies
CRM Software in India - SunSmart Technologies
 
Private Client Group Presentation
Private Client Group PresentationPrivate Client Group Presentation
Private Client Group Presentation
 
CV_Sawan
CV_SawanCV_Sawan
CV_Sawan
 
CPCU India Chapter | Webinar on Claim Operations - By Sneha RoyChoudhury
CPCU India Chapter  |  Webinar on Claim Operations - By Sneha RoyChoudhuryCPCU India Chapter  |  Webinar on Claim Operations - By Sneha RoyChoudhury
CPCU India Chapter | Webinar on Claim Operations - By Sneha RoyChoudhury
 
Standards of dental informatics, security issues
Standards of dental informatics, security issuesStandards of dental informatics, security issues
Standards of dental informatics, security issues
 
Business Semantics for Data Governance and Stewardship
Business Semantics for Data Governance and StewardshipBusiness Semantics for Data Governance and Stewardship
Business Semantics for Data Governance and Stewardship
 
ieCrowd Overview Deck
ieCrowd Overview DeckieCrowd Overview Deck
ieCrowd Overview Deck
 
CNIT 160 Ch 4b: Security Program Management
CNIT 160 Ch 4b: Security Program ManagementCNIT 160 Ch 4b: Security Program Management
CNIT 160 Ch 4b: Security Program Management
 
Wayne richard - pia risk management - atlseccon2011
Wayne richard - pia risk management - atlseccon2011Wayne richard - pia risk management - atlseccon2011
Wayne richard - pia risk management - atlseccon2011
 

Recently uploaded

Architecting Cloud Native Applications
Architecting Cloud Native ApplicationsArchitecting Cloud Native Applications
Architecting Cloud Native Applications
WSO2
 
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
Victor Rentea
 

Recently uploaded (20)

TrustArc Webinar - Unlock the Power of AI-Driven Data Discovery
TrustArc Webinar - Unlock the Power of AI-Driven Data DiscoveryTrustArc Webinar - Unlock the Power of AI-Driven Data Discovery
TrustArc Webinar - Unlock the Power of AI-Driven Data Discovery
 
EMPOWERMENT TECHNOLOGY GRADE 11 QUARTER 2 REVIEWER
EMPOWERMENT TECHNOLOGY GRADE 11 QUARTER 2 REVIEWEREMPOWERMENT TECHNOLOGY GRADE 11 QUARTER 2 REVIEWER
EMPOWERMENT TECHNOLOGY GRADE 11 QUARTER 2 REVIEWER
 
Elevate Developer Efficiency & build GenAI Application with Amazon Q​
Elevate Developer Efficiency & build GenAI Application with Amazon Q​Elevate Developer Efficiency & build GenAI Application with Amazon Q​
Elevate Developer Efficiency & build GenAI Application with Amazon Q​
 
Strategize a Smooth Tenant-to-tenant Migration and Copilot Takeoff
Strategize a Smooth Tenant-to-tenant Migration and Copilot TakeoffStrategize a Smooth Tenant-to-tenant Migration and Copilot Takeoff
Strategize a Smooth Tenant-to-tenant Migration and Copilot Takeoff
 
Emergent Methods: Multi-lingual narrative tracking in the news - real-time ex...
Emergent Methods: Multi-lingual narrative tracking in the news - real-time ex...Emergent Methods: Multi-lingual narrative tracking in the news - real-time ex...
Emergent Methods: Multi-lingual narrative tracking in the news - real-time ex...
 
Artificial Intelligence Chap.5 : Uncertainty
Artificial Intelligence Chap.5 : UncertaintyArtificial Intelligence Chap.5 : Uncertainty
Artificial Intelligence Chap.5 : Uncertainty
 
Corporate and higher education May webinar.pptx
Corporate and higher education May webinar.pptxCorporate and higher education May webinar.pptx
Corporate and higher education May webinar.pptx
 
Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...
Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...
Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...
 
Vector Search -An Introduction in Oracle Database 23ai.pptx
Vector Search -An Introduction in Oracle Database 23ai.pptxVector Search -An Introduction in Oracle Database 23ai.pptx
Vector Search -An Introduction in Oracle Database 23ai.pptx
 
ProductAnonymous-April2024-WinProductDiscovery-MelissaKlemke
ProductAnonymous-April2024-WinProductDiscovery-MelissaKlemkeProductAnonymous-April2024-WinProductDiscovery-MelissaKlemke
ProductAnonymous-April2024-WinProductDiscovery-MelissaKlemke
 
presentation ICT roal in 21st century education
presentation ICT roal in 21st century educationpresentation ICT roal in 21st century education
presentation ICT roal in 21st century education
 
Repurposing LNG terminals for Hydrogen Ammonia: Feasibility and Cost Saving
Repurposing LNG terminals for Hydrogen Ammonia: Feasibility and Cost SavingRepurposing LNG terminals for Hydrogen Ammonia: Feasibility and Cost Saving
Repurposing LNG terminals for Hydrogen Ammonia: Feasibility and Cost Saving
 
Apidays New York 2024 - The value of a flexible API Management solution for O...
Apidays New York 2024 - The value of a flexible API Management solution for O...Apidays New York 2024 - The value of a flexible API Management solution for O...
Apidays New York 2024 - The value of a flexible API Management solution for O...
 
Architecting Cloud Native Applications
Architecting Cloud Native ApplicationsArchitecting Cloud Native Applications
Architecting Cloud Native Applications
 
DBX First Quarter 2024 Investor Presentation
DBX First Quarter 2024 Investor PresentationDBX First Quarter 2024 Investor Presentation
DBX First Quarter 2024 Investor Presentation
 
"I see eyes in my soup": How Delivery Hero implemented the safety system for ...
"I see eyes in my soup": How Delivery Hero implemented the safety system for ..."I see eyes in my soup": How Delivery Hero implemented the safety system for ...
"I see eyes in my soup": How Delivery Hero implemented the safety system for ...
 
Apidays New York 2024 - Accelerating FinTech Innovation by Vasa Krishnan, Fin...
Apidays New York 2024 - Accelerating FinTech Innovation by Vasa Krishnan, Fin...Apidays New York 2024 - Accelerating FinTech Innovation by Vasa Krishnan, Fin...
Apidays New York 2024 - Accelerating FinTech Innovation by Vasa Krishnan, Fin...
 
Apidays New York 2024 - Scaling API-first by Ian Reasor and Radu Cotescu, Adobe
Apidays New York 2024 - Scaling API-first by Ian Reasor and Radu Cotescu, AdobeApidays New York 2024 - Scaling API-first by Ian Reasor and Radu Cotescu, Adobe
Apidays New York 2024 - Scaling API-first by Ian Reasor and Radu Cotescu, Adobe
 
Rising Above_ Dubai Floods and the Fortitude of Dubai International Airport.pdf
Rising Above_ Dubai Floods and the Fortitude of Dubai International Airport.pdfRising Above_ Dubai Floods and the Fortitude of Dubai International Airport.pdf
Rising Above_ Dubai Floods and the Fortitude of Dubai International Airport.pdf
 
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
Modular Monolith - a Practical Alternative to Microservices @ Devoxx UK 2024
 

ACORD introduction

  • 1. ACORD - An Introduction - Vinay Rajadhyaksha
  • 2. Need for Standards • Internal / Enterprise wide reuse • Smooth communication with intranet/internet applications Usage of standards establishes the following: • Common Message - Standardized message payload • Common Structure - Organization of various entities • Common Vocabulary - Insurance specific
  • 3. Who is ACORD? • Independent and Objective Association • Develops, Manages and Promotes Standards • Have a large membership profile - carriers, re-insurers, agents, lab companies etc • Active in the insurance space - life, property & casualty, reinsurance • Working on developing standards since 70s and on life insurance standards since ‘94
  • 4. Why XML? • Not a technology tied to a particular platform or vendor • XML is - Self describing - Structured - Extensible XML provides the language, ACORD provides the vocabulary
  • 5. ACORD Life Basic XML Concepts • Date <Birthday>YYYY-MM-DD</Birthday> • Type Code (LookUp Values) <MarStat tc=“1”>Married</MarStat> • Identifiers <Policy id=“1”> …… values </Policy> • Currency, Month, MonthDay
  • 6. ACORD Root elements • OLifE This is the OLifE server object or the root element • TXLife XML based transactions • XTbML Actuarial data
  • 7. OLifE • The OLifE object is one of the root elements in the overall schema. • The OLifE object contains number of primary objects. Here are some examples - Party, Activity, Holding, Relation, PolicyProduct etc
  • 8. Other important constructs • Relation • Attachment • Defined extension mechanisms - KeyedValue - OLifEExtension • All objects under the OLifE have an definite sequence and in certain cases have other constraints.
  • 9. Coverage Planned • Activity • Holding • Party • PolicyProduct • Relation
  • 10. Activity • For Policy service, this tracks administrative activities for the service department. • For automatic processing, contains information requiring automatic processing • For producers, this typically tracks the activities an agent engages in when working with client during the sales process.
  • 11. Activity Examples • System message - Informing user of some action take; Call up the proposed insured/agent and get additional information. Call up Third Party Vendor and check up on requirement status. Ask Medical doctor to look at a case data. • Appointment, Call • Change coverage, change face amount
  • 12. Activity - Properties • @ID • @PartyID Party responsible for filling (Doing) the activity. • ActivityTypeCode SYSTEMMSG, APPOINTMENT, CALL, COVCHG, MATDATE, CORRESPONDENCE, TODO
  • 13. Activity – Properties Continued-1 • ActivityTypeDescription ANNIVERSARY, COLDCALL, FOLLOWUP, POLICYSERVICE, UNDERWRITINGREQUIREMENT • ActivityStatus ACTIVE, CANCELLED, COMPLETE, PENDING, SUSPENDED • ActivityStatusDescription NOINTEREST, NOTREACH, RESCHED, SOLD • ActivityDetails
  • 14. Activity – Properties – Continued -2 • Priority - High, Low, Medium • DueDate • DoneDate • RecurringFrequency • LastUpdate • Opened, Closed - Date
  • 15. Holding • Holding is a top level object that contains basic information about any holding. The type of holding will be indicated by secondary-level objects contained within the holding object. Assets & Liabilities Policies, Investments, Loans, Banking e.g. Life insurance, yacht, bank accounts, home loan
  • 16. Holding Properties • @id • HoldingTypeCode POLICYINVESTMENT, ASSETLIAB, BANKING, INVESTMENT • HoldingStatus ACTIVE, DORMANT, INACTIVE • Purpose BUSINESS, BUYSELL, INV, PERSONAL, RETIREMENT • CarrierAdminSystem ADMIN, CLAIMS, NB
  • 17. Holding Properties Continued -1 • AssetValue, LiabilityValue • HoldingForm GRPGEN, GRPASSOC, IND, INDUSTRIAL • Policy • Investment • Loan • Banking
  • 18. Policy • The policy object is needed if the holding is a policy. It contains all the policy properties that are generic across insurance policy types. • If the policy has investment options, the investment portion of that holding is represented using the investment object in the model.
  • 19. Policy Properties • @id • @ProductID Reference to the investProduct object • @CarrierPartyID This is a reference to the Party Aggregate of the Carrier of this item. • @BankingID In the case that the PaymentMethod is 'electronic funds transfer' or 'credit card billing,' this is the PartyID of the bank associated with the payments
  • 20. Policy Properties – Continued -1 • PolNumber • LineOfBusiness e.g. Annuity, Health, Life, LTC etc • ProductType e.g. Term, term with cash, LTC, UL, VUL • CarrierCode e.g. GEFA, AML • PlanName • ReinsuranceInd • PolicyValue • PolicyStatus ACTIVE, CANCELLED, FREELOOK, GRACEPD, LAPSED, MATURED • EffDate, IssueDate, TermDate
  • 21. Policy Properties Continued - 2 • PaymentMode ANNUAL, DAILY, 4WKLY, MNTHLY, QUARTLY, BIANNUAL • PaymentMethod CREDCARD, ETRANS, LISTBILL, PAYROLL, REGBILL • PaymentAmt, AccountNumber, RoutingNumber, BankAcctType, • CreditCardType, CreditCardExpDate • XOR Group Life, Annuity, Disability, PropertyandCasualty
  • 22. Policy Properties Continued - 3 • RequirementInfo Provides requested, outstanding and completed requirements associated with the issuance of a Policy or a Producers Appointments/Licenses/Registrations – @id – @AppliesToPartyID The party for whom requirement is required – @RequesterPartyID The party requesting the req. e.g. carrier – @FulfillerPartyID – @PhysicianPartyID – ReqCode e.g. MVR, MIB Update, MIB details, LAB – RequirementDetails
  • 23. Policy Properties – Continued 4 – ReqStatus Cancelled, Completed, Outstanding, Received – RequestedDate, ReceivedDate, DueDate – Responsible Party Type e.g. Agent, HO, Insured, Laboratory, physician etc – HORequirementID – StatusEvent (ACK, Add. Forms etc)
  • 24. Policy Properties – Continued -5 • ApplicationInfo This is used to support the workflow associated with the submission process, providing information essential to determining where an application is in the submission process
  • 25. Policy Properties – Continued - 6 • The policy object has the following four major subclasses - Life - Annuity - DisabilityHealth Disability / Health / LTC Policy - PropertyAndCasualty
  • 26. Life Properties If the policy is a life insurance policy. • FaceAmt, FaceUnits, ValuePerUnit DeathBenefitAmt • InitialPremAmt • Coverage • LifeUSA If the policy is issued within the USA, this object contains the properties that are unique to that marketplace.
  • 27. Coverage Properties • This object contains the properties that pertain to a specific coverage or rider within a policy. The base coverage information for this policy is represented using this object as well. A collection of coverage objects represents all the coverages or riders for a particular life insurance policy. • PlanName, ShortName, ProductCode • LifeCovStatus ACTIVE, CANCELLED, FREELOOK, QUOTED, REINSTATED, PENDING, ISSUED, APPROVED • LifeCovTypeCode ENDOWMENT, LTC, TERMLEVEL, TERMINCREASE, TERMDECREASE, UNIVLIFE • InitCovAmt
  • 28. Coverage Properties – Continued -1 • IndicatorCode BASE, RIDER • LivesType JOINTFTD, JOINUND, JOINTLTD, SINGLE • EffDate, TermDate • DeathBenefitOptType INCR (Face + Cash), LEVEL (Db = Face) • BenefitPeriod(1yr, 10yr, 5 yr) etc • Coverage acts a container for CovOption & LifeParticipant
  • 29. Coverage Option Supports options/benefits on a coverage or rider. Each coverage/rider may have one or more options or benefits associated with it. Each option or benefit is depicted using this object. Options can also be considered modifications to a coverage or rider. A collection of option objects is utilized to represent all the options or benefits a particular coverage or rider may have. • @LifeParticipantRefID • CovOptionStatus • LifeCovOptTypeCode e.g. ABE, ADD, ADB, CTB, WP • UnderwritingClass • AEROBIC, PREFPLUS, PREF, STD, DECLINED • OptionAmt(In units), ValuePerUnit • EffDate, TermDate • BenefitPeriod, BenefitMode • Container for ReinsuranceInfo
  • 30. Life Participant Properties Life Policy Coverage Participant Object is an association between coverages and Parties. (This is a one-to-many relationship.) This object represents the different participants that are associated with a particular coverage • @id • @PartyID • @MailingAddressID • LifeParticipantRoleCode ATTENDPHYSICIAN, PRIMAGENT, BENE, APPLICANT, SPOUSE, CHILD, PRIMARY • IssueGender, SmokerStat, OccupClass, UnderwritingClass
  • 31. Party Properties The party object represents the basic information that applies to either a person or organization. The long-standing interpretation is that the properties of Party represent the current state of the person, whereas the properties in Coverage represent the state of things at the time the Coverage was issued. Party can be Person or Organization. • Further classification - Agent - Carrier - Physician - Proposed Insured - EMSI/LabOne
  • 32. Party Properties – Continued - 1 • PartyTypeCode ORG, PERSON • GovtID • GovtIDTC CAN Australia, ARBN Australia, Canadian Bus. Number, SSN, Tax Ref Number SA • ResidenceState • PrefComm EMAIL, FAX, PHONE, REGULAR MAIL • FullName %L, %F %M %S for person • Address • Email • Phone • Employment • Risk
  • 33. Person Properties • Person is always a subset of party. If Party.Type = OLI_PT_PERSON • FirstName • MiddleName • LastName • Prefix(Dr., Mr. ), Suffix(Ph. D, etc) • Gender(M, F, U, O, OU), MarStat(D, E, Se, M, Si, W) • Birthdate, Age • DriverLicenseNum, PassportNo • OccupClass (H, M, O, Prof), OccupationType (Cook, Agriculture), SmokerStat (Current, Never, Prior) • Height2, Weight2, birthjurisdiction
  • 34. Organization Properties • Organization is always a subset of party. If Party.Type = OLI_PT_ORG • OrgForm – Association, Corp, Mutual Company etc • TrustType – Alaska Trust, Cemetry Trust • NatureCategory – Agriculture, Construction, finance etc
  • 35. Address Properties • Address pertaining to the party. • Line1, Line2, Line3, Line4, Line5 • City, AddressState, zip, AddressCountry • StartDate, EndDate, YearsAtAddress, LegalAddressInd
  • 36. Phone Properties • Phone information relating to a party • CountryCode, AreaCode, DailNumber, Ext • BestTimeToCallFrom, BestTimeToCallTo • StartDate, EndDate • PhoneCountryTC, BestDayToCall
  • 37. Carrier & EmailAddress • A sub object under Party, providing more detailed information about the insurance Carrier. • Carrier - CarrierCode, NAICCode • EmailAddress An e-mail address pertaining to the party. - EmailType – BUS, PER - AddrLine - PrefEMailAddr - StartDate, EndDate
  • 38. Employment • Aggregate providing details regarding a person's employment history. • @ID • @EmployerPartyID • EmployeeID • HireDate, RetirementDate, TerminationDate • AnnualEarnings(includes non-sal income), AnnualSalary • PayType COMISSION, SALARIED, HOURLY • SalaryMode • EmploymentStatusTC ACTIVE, ACTIVEDISABLED, DISABLED, LAIDOFF, ONSTRIKE, RETIRED, TERMINATED • OccupClass, Occupation
  • 39. Risk Properties • The risk information associated with insuring a party • AutoViolationsPoints, AutoLicenseSuspension, ExistingInsuranceInd, ReplacementInd • There are indicators provided for specific diseases like DiabetesInd, CancerInd, AIDSInd, TobaccoInd • MedicalCondition, MedicalTreatment, PrescriptionDrug, LifeStyleActivity, Violation, FamilyIllness, MilitaryExp, CriminalConviction
  • 40. Medical Condition Properties • Information about a party's medical conditions • @PrimaryPhysicanID • ConditionType • ConditionStatus COMPLETED, ONGOING, PENDING, RECOVERED, DRCARE • Cause ANXIETY, JOB, KSTONE etc
  • 41. Medical Condition – Continued -1 • RecoveryDate, TreatmentStartDate • NumberEpisodesLastYear, ConditionLocation • MedicalTreatment • CariadacMurmur
  • 42. Medical Treatment • Information about a party's medical treatments • @TreatmentPhysicianPartyID • @TreatmentFacilityPartyID • TreatmentType ADVICE, CHEMO, CHIRO, DIET, HOSP, MED • TreatmentReason
  • 43. PrescriptionDrug • A Prescription Drug Object • PrescriptionDrugType PPS (Prof. Phy. Service) • PrescriptionDosageUnit Milligrams • PrescriptionDosageStrength • PrescriptionDosageForm TABLET, OTHER
  • 44. LifeStyleActivity • Information about a party's lifestyle activities • LifeStyleActivityType AVIATION, BALLOON, BOXING, RUGBY, MILITARY • ActivityFrequency • Accidentdetails • AviationExp, RacingExp, UnderwaterDivingExp
  • 45. Object Linkage - Navigation Linkage between various objects defined. • Composition of objects • IDs available within objects • Usage of the relation object
  • 46. Composition of objects • Party  Person, Organization, Address, Phone, EMailAddress, Physician, Risk • Holding  Policy  Life  Coverage  CovOption, LifeParticipant
  • 47. IDs available within objects - Continued • LifeParticipant  @PartyID, @MailingAddressID • CovOption  @LifeParticipantRefID • Policy  @ProductID, @CarrierPartyID, @BankingID
  • 48. Usage of the relation object • @OriginatingObjectID • @RelatedObjectID • OriginatingObjectType 4 = Holding, 6 = Party • RelatedObjectType 4 = Holding, 6 = Party • RelationRoleCode Agent, Beneficiary, PrimPhysician, Underwriter, Carrier, Owner, Insured • RelationDescription Accountant, Boyfriend, Fiancee, Brother
  • 49. Usage of the relation object • StartDate, EndDate • PrimaryAddressID • PrimaryPhoneToCallID • PrimaryEmailID
  • 50. Person Navigation • Proposed Insured /OLife/Party[@id = (//Relation[RelationRoleCode[@tc=32] and OriginatingObjectType[@tc=4]][1]/@RelatedObjectID)] RelationRoleCode = 32 OLI_REL_INSURED OriginatingObjectType = 4 OLI_HOLDING [1] signifies first occurance Similar complex navigation logic is defined for other life participants like owner, beneficaries, spouse and children. Refer the xmlifeselects.xml
  • 51. ACORD Schema Extension • KeyedValue Generic object used to expand object hierarchy. Each proprietary data item is represented using a KeyedValue object. A collection of KeyedValue objects is utilized to represent all the data items that have been appended to the particular object. KeyName, VendorCode, KeyValue • OLifEExtension Object used for extending the ACORD model. OLifE Extension which uses the ANY construct to allow for any valid XML to be contained in the extension