Prima Releases Reinsurace Application Built On ACORD Information Model

Paris-based Prima Solutions has released Prima Re, a Web-based reinsurance management system built using the ACORD Information Model.

The platform also leverages the ACORD RLC messages for integration, according to a statement from Prima and ACORD. Part of the ACORD Framework, the Information Model provides the relationships among insurance concepts, such as policy, product, party and claims, according to ACORD. The association suggests that it can be used to jump-start application development, consume ACORD XML messages and as a semantic model for integration.

"We are extremely excited to see the first application built using the ACORD Information Model," Shane McCullough, chief enterprise architect for ACORD, says in a statement. "This validates our strategy by providing the industry with a single business model. We were very pleased with the highly productive collaboration with Prima Solutions during the creation of the Information Model, and it's very encouraging to see this level of collaboration continue to grow."

Karlyn Carnahan, an analyst for Novarica, told Insurance & Technology in an e-mail that reinsurance is a good place to start applying the ACORD model.

"ACORD standards are particularly important in reinsurance because of the multiple global geographies, and complex distribution model," she writes. "In the reinsurance market, there is a strong drive to replace the paper-intensive, manual processes of the market with more efficient automated processes. Delivering reinsurance software solutions built on ACORD standards is a significant step towards helping reinsurers achieve that consistent standard globally to drive processing efficiencies."

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio