Oracle Insurance Earns Two ACORD Achievement Awards for Life & Annuity

Oracle Insurance earned recognition for its continued leadership, adoption and implementation of ACORD (Association for Cooperative Operations Research and Development) industry data standards for life insurance and annuities. The recognition came during a special ceremony held on November 3 at the ACORD Implementation Forum in Fort Lauderdale, Fla.

Oracle received two awards specifically for its use of ACORD web services standards by Oracle Insurance Policy Administration for Life and Annuity:

  • Early Adopter Award - Life & Annuity Plug and Play (PnP)
  • Early Adopter Award - ACORD Web Services Profile (AWSP) standard

Oracle was cited by ACORD for developing, implementing and certifying its use of the AWSP standard in its policy administration system to support these ACORD LAH XML transactions:

  • Add Beneficiary (Life)
  • Add Beneficiary (Annuity)
  • Customer Contact (Client Record)

Earlier this year the company successfully demonstrated its use of the AWSP web standards during the ACORD PnP Tooling Jamboree at the 2011 ACORD LOMA Insurance Systems Forum.

"Oracle is to be congratulated not only for earning these awards, but for its continued leadership in showing the industry how beneficial ACORD data standards are for improving business, integration, and data flow,” said Lloyd Chumbley, Vice President, Standards, ACORD.

Oracle is a long-time member of ACORD and has been involved in the association’s working groups for life insurance and annuities, including the ACORD PnP Consortium Working Group. These latest awards from ACORD demonstrate Oracle’s ongoing commitment to the adoption of industry standards in its solutions for the insurance industry. Oracle previously received an ACORD Achievement Award in recognition of its use of ACORD messaging standards for the implementation of Oracle Insurance Policy Administration for Life and Annuity at Securian Financial Group.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

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