Sun Microsystems has announced it is partnering with Brixlogic, a provider of industry-standard Web Services solutions for the financial services industry, to deliver the first integrated solution for the ACORD messaging standard.
ACORD is Known for being a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance industry. It has developed a robust XML framework that enables insurance companies, reinsurers, agents/brokers and other distributors to exchange business data among each other in the same standard format. By using these standards, insurance providers and service institutions around the world bring their IT operations one step closer to the realities of straight-through processing.
According to Brixlogic estimative, this may harness an industry-wide cost reduction for insurers at more than $1 billion.
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