#USA #New York #Insurance #ACORD #Digital Standards

ACORD's New Digital Standards Are Here!

On August 28, 2025, ACORD, the premier global standards organization in the insurance domain, introduced an innovative tool known as the Next-Generation Digital Standards (NGDS) Object Model. This groundbreaking development is designed to significantly enhance the flow of standardized data across various enterprise systems within the insurance industry. The NGDS model aims to create a seamless, accurate, and secure data exchange, thereby revolutionizing how insurers operate.

Bridging the Gap

The NGDS Object Model addresses the inherent challenges of disparate data elements and distinct business functionalities within the insurance ecosystem. This new model offers a structural framework that allows insurance providers to effectively execute core operations like underwriting, policy management, and claims processing. Moreover, it aims to eliminate redundancy, minimize integration challenges, and elevate data quality, ensuring a more streamlined technical process for building APIs and configuring internal systems.

Pat Corless, ACORD’s Senior Vice President and Global Chief Enterprise Architect, emphasized the significance of this new tool, stating, "The Object Model serves as a blueprint connecting the functions of insurers with their data flows across systems. We aim to ensure that digital operations are smarter, faster, and more consistent."

Unlocking Technological Potential

With the NGDS Object Model, insurers can better harness current and emerging technologies by implementing ACORD Standards. The framework caters to modern transaction types, including operations involving mobile applications, Internet of Things (IoT) connectivity, cloud computing solutions, and AI-enhanced systems. This flexibility not only streamlines existing processes but also prepares organizations for future technological advancements.

One of the remarkable features of the NGDS Object Model is its adaptability. It can integrate seamlessly into existing operational systems, regardless of their digital maturity, thus expanding digital capabilities and helping companies remain competitive in a complex digital landscape.

Key Benefits of the NGDS Object Model

ACORD has outlined several benefits that come along with adopting the NGDS Object Model:

• - Alignment with ACORD Reference Architecture: This ensures consistent data mapping across different insurance functions.
• - Practical Application Across Domains: The model supports various use cases, enhancing collaboration between business needs and technology capacities.
• - Enhanced Business and Technology Collaboration: By offering a common framework, it fosters better communication and understanding between business and technical teams.
• - Faster Implementation: The model aims to reduce the time taken for implementation while minimizing the confusion that often arises during system transitions.

Pat Corless adds, "The NGDS Object Model provides carriers with a common foundation that connects user narratives, data structures, and business processes in a repeatable manner. It's about more than just standardizing data; it's an integral part of ACORD's mission to align people, processes, and outcomes toward common goals."

Learning More

For those interested in a deeper understanding of the NGDS Object Model and its potential applications, ACORD offers an informative walkthrough webinar available on demand. Detailed resources, including how-tos and operational guidelines, can be found on their official website at www.acord.org/NGDS.

About ACORD

ACORD, established as the global standards-setting body for the insurance sector, has been instrumental in establishing electronic standards and workflows for efficient data exchange and communication. Currently, ACORD represents over 36,000 participating entities from more than 100 countries, including insurance providers, software developers, and various industry associations, with offices in both New York and London. For more insights, visit www.acord.org.