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ValueLabs Insurance Practice eases partner integrations

By - Raj Yennam | 3 Dec 2015

The Association for Cooperative Operations Research and Development, or ACORD as it is commonly known as, is a global non-profit organization that works to improve information exchange and data quality in the insurance industry. Its primary objective is to create globally acceptable standards for insurance data exchange between trading parties through object technology, EDI, XML and eCommerce.

ValueLabs is an organization that keeps client satisfaction as its paramount objective. We find that one among the most suitable ways to convey this to our customers is to help their agents, and carriers on their platforms, through our support of ACORD standards. And so, in adherence to ACORD standards, we intend to ensure that our clients in the insurance space are provided flexibility and maximum ease for seamless data integrations with their external partners. Our adherence to ACORD provides insurers with the ability to extend a seamless experience to their customers through enhanced data exchange, improved data quality, and streamlined internal data flow processes.

ValueLabs’ thought leaders have put in place precise data exchange models, and smooth and efficient workflows that help an insurer leverage electronic standards. It also helps to standardize forms and tools developed by ACORD in the most effective manner possible.

As of today, we are on the leading edge with ACORD enabled tools and technologies which help many of our customers in the insurance space to seamlessly integrate with their external partners by improving data flow and reducing errors.

The insurance vertical at ValueLabs is about a decade-and-a-half old, with over 500 resources and more than 25 customers around the globe. We serve insurance customers through our solutions-led approach and offer industry-leading, domain-rich services that enable our customers to thrive in the digital future. Embracing ACORD has given us that extra advantage and added a feather to our cap. We are also in the process of transforming several of our associates into ACORD-certified experts.

ACORD’s unique eLabel Mappings eliminate the need to create our own translations between ACORD Forms and Data Standards. The mappings connect data fields on various kinds of ACORD property and casualty forms. Most of these ACORD forms and standards are used in the US and a number of other countries across the world.

ValueLabs also works with a major cloud-based benefits platform provider in the industry to streamline their data exchange with multiple life and ancillary insurance companies for accurate and efficient data transfer. This benefits platform provider communicates with several carriers, employers and groups for data exchange. By adhering to industry accepted ACORD standards, our clients can simplify integration with carriers and employers. This not only reduces data errors in the system due to inconsistent exchange formats and modes of transfer, it also makes it more efficient for the benefit carrier to onboard any new insurance carrier. As we go along, in the future, we would like to enhance the format of data exchanges with regard to industry trends and evolving customer needs.

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