ACORD: Eliminate Complexity with simpler, scalable Integrations
MOND Semantic ACORD Framework
ACORD insurance standards presents a flexible way to easily move data between a wide variety of diverse systems. However implementing Acord is not easy, because of the complex data models and the extensive schemas.
MOND's ACORD solutions offers a dramatically simpler and scalable way to automatically convert, validate, and transform any ACORD message. Semantic MOND understands any incoming data format using a set of controlled business terms. It uses machine learning and analyst guidance to define rules that automatically convert any data standard to any other standard.
MOND reduces the cost of exchanging, consuming and managing data for claims processing, policy management, customer insight, underwriting and actuarial services across business lines.
MOND Semantic Framework hides the ACORD complexities from programmers. Programmers do not have to worry about parsing the different XML tags. Programmers can focus on Business terms like PolicyStatus, PolicyEffectiveDate, ProductCode etc instead of the underlying XML tags.
This is the Industry's first solution, where the Business logic is separated from the actual data format. The data format is hidden or encapsulated from the programmer, resulting in an Omni-directional data transformation capability.
This approach results in higher quality, faster to market Integration Services.
This results in future-proof solutions, that can be used to migrate to any newer ACORD versions.When a future ACORD version is released, programmers can switch to the new MOND ACORD libraries and use the existing business logic. Only the newer fields have to be taken care off. The existing solution will then work seamlessly with newer ACORD versions.
- Improved accuracy in claims processing, underwriting, quotation handling.
- Simplify policy administration and improve customer service using MOND SvoC.
- Dramatic improvement in programmer productivit, can be used by programmers or analysts.
- Higher Data Quality, as correct XML will be generated irrespective of the order in which the fields are set.
- Unlike JAXB, there is no need to create Java Classes for each XML Object, resulting in lower memory footprint.
- Codeless conversion from ACORD to other formats and reverse for 80% of the fields.
- Business validation rules can be created by analysts, without worrying about XML or SWIFT tags.
- Reduce risk by complying to latest ACORD standards.
- Faster client on-boarding with self service options.
- Develop, Test, Deploy and Manage using a browser.
- Create Web Services that can consume or create ACORD Messages.
- Improve quality and efficiency, reduce time to market and cost to market by defining, deploying, and reusing data transformations across the enterprise, without the need to write code
What is a Semantic ACORD Processor?
Set Transaction Type to "Illustration Request".
Set Transaction Execution Date to "2013-01-01".
Set Illustration Request Image Type to "PDF".
Set Line of Business to "Life".
Set Product Code to "801".
Set Party Fist Name to "Rhonda".
Set Party Gender to "Female".
By using business terms like these, the ACORD complexity is hidden from the implementation.
Benefits of this approach
Encapsulates the ACORD XML tags from the programmers
Separates Business Logic from Data format, same code can product different types of output including XML, CSV, Database etc.
Higher quality, faster time to market.
Pre-integrated, tested, proven functionality.
Future proof; Business logic will work with future ACORD versions