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Insurance industry gets harmonized data dictionary


October 12, 2005   by Canadian Underwriter


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An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part of a United Nations initiative.
This new data dictionary provides the technology neutral, reusable building blocks that serve as the basis for the development of messages for all lines of insurance business. The common data elements and their definitions have been identified and harmonized to one element name and definition for each concept such as “coverage,” “risk object” or “claim.” This dictionary will facilitate information exchanges for placing, claims processing, accounting and more.
These elements are the core components used by the individual standards organizations to build their specific standards for their individual communities and geographies. The data dictionary forms the solid foundation on which to build standards and ensure interoperability. All parties noted that their individual insurance data standards will continue to be developed with an eye to these international definitions.
The associations submitted this harmonized data dictionary to UN/CEFACT (United Nations Centre for Trade Facilitation and Electronic Business), providing them with already agreed upon international insurance industry data elements and definitions.
“It was an exciting project and this harmonization of data standards created a unified, global dictionary. It will facilitate e-business and process optimization across the insurance sector worldwide, together with our customers in other industries,” Dr. Manuel Reimer, chairman, eEG7, says.
The dictionary is available to the public from each organization’s website. It provides a high level, syntax neutral foundation on which standards organizations can build and map specific messages and XML schemas to meet their own unique market and geographic requirements while remaining compliant with the now agreed upon definitions.


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