Sun Microsystems and Brixlogic, a provider of industry-standard web services technology for the financial services industry, have joined forces to provide integrated solutions for the ACORD messaging standards in the insurance industry.
ACORD is a global, non-profit insurance association that aims to facilitate the development and use of standards for the insurance industry. ACORD has developed an XML framework that enables insurance companies, reinsurers, agents/brokers and other distributors to exchange business data (including unstructured documents such as spreadsheets) among each other in the same standard format. By using these standards, insurers hope to increase rates of straight-through processing. According to Brixlogic, this may result in industry-wide savings of over $1 billion.