CLIEDIS 2009 ACORD/XML Survey
“Our surveys allow us to take the pulse of our community, see trends on the use of standards and determine the success of our efforts. It is essential to our mission to develop common standards and conventions that enhance the efficiency of the Canadian life insurance industry. With the results of from the survey and input from our membership at our Annual General Meetings, the CLIEDIS executive is able to set the priorities for the next year and beyond.”
— Julie Parrott, Executive Director, CLIEDIS
illustrate inc participation at CLIEDIS’s annual seminar this quarter informed our view of marketplace priorities and challenges as it does every year. The survey delivers great value to all stakeholders by giving each of us insights into the perspectives of the other. Carriers get to understand their impact on Distributers. Distributors see the challenges of Carriers. Suppliers and Vendors get a better understanding of the needs of both Carriers & Distributors. To thrive as an industry we don’t necessarily need to have a common view, but informed perspective are essential.
Byren Innes, Senior VP and Director of NewLink Group conducted the survey and summarized the results on behalf of CLIEDIS. The vast experience that NewLink has in managing business operations, introducing change, and deploying technology in the financial value chain, situate them perfectly to identify the value proposition.
“The results have shown that adoption of data standards and data exchange is not just increasing, but is increasing at an exponential rate in the Life Insurance sector. Adoption is well past the tipping point and effective utilizations will deliver huge efficiencies.”
— Byren Innes, Senior VP and Director, NewLink Group
The survey shows that the priority for application of standards from respondents were as follows:
As priority one, the marketplace has recognized that application of standards to e-App can radically transform efficiency of the distribution and sales channel. A key part of the illustrate inc product roadmap includes error-free processing of e-Apps through intelligent fill-able forms, e-signatures and workflow to drastically reduce administrative costs and cycle time of applications. Let illustrate inc help you meet your e-App needs.
For further information, please contact us.