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New technology has reshaped the business
environment, and those that embrace and resolve the challenges
facing the industry will be those who survive and succeed.
What business strategies are our industry leaders pursuing?
They are redefining themselves around their core competencies
and partnering with other companies to provide the products
and services they need to meet increased customer expectations,
increase profitability and expand market opportunities.
They are learning that it is imperative to establish these
partnerships via electronic means that:
- support straight-through processing
- develop dynamic and flexible relationships
- support lower costs
- increase profitability
- shorten time to market
- expand market opportunities and meet global needs
- position for long-term viability
Your business strategy...
succeeding with standards-based solutions
What should be your response to the industry's
challenges? You must align your business strategy to the
new paradigm and create an IT strategy that enables the right
business solutions -- solutions that incorporate new approaches
to collaboration, sharing data and data integration. The
old methods are outdated and inhibit growth. A foundational
component of your business and IT strategy is a commitment
to industry standards; a commitment to the development and
the implementation of standards at every touch point in the
insurance value chain. Without this strategic commitment,
how else will you:
- Share data with all of your trading partners consistently,
accurately and instantaneously?
- Provide a platform to link new trading partners as
you enter new markets and expand your growth potential?
- Decrease your ongoing maintenance costs so that you
can invest in your strategic solutions?
- Leverage your legacy systems investments?
- Focus resources on your core competencies by outsourcing processes that can increase the overall value proposition to your customers and distributors?
- Compete in the new eBusiness world?
- Retain and expand your customer relationships?
Standards... a solution whose time
is NOW
Is your organization prepared for this
change? Are you committed and involved in the development
and implementation of insurance industry standards? Are you
using best practices in your XML strategy? Are you involved
with ACORD to work with other industry leaders to collaborate,
share knowledge, and create a momentum of change for the
industry's future success? Membership and participation with
ACORD is a strategic part of your solution - one that will
bring knowledge, best practices and collaboration from the
best in the industry to your organization.
Ask yourself,
are you using the following best practices outlined by Gartner
in their December 2001 report:
- Take a holistic view of XML opportunities -- i.e.
enterprise-wide XML strategies
- Assign leadership for the XML strategy and projects
- Participate in standards development
- Adopt Insurance-specific ACORD Standards
- Measure ROI with XML initiatives
The implementation
of standards-based solutions is an industry-wide strategy.
To successfully and profitably participate in the new
business paradigm, we can no longer operate as an independent
and isolated industry. Standards implementation requires
commitment and participation from all industry partners.
Time is of the essence - position your organization for
a new era of success through participation with ACORD.
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