NU Online News Service, Oct. 5, 12:45 p.m. – MIB Inc., Westwood, Mass., a policyholder data service, say it is supporting efforts by ACORD, Pearl River, N.Y., an insurance data standards group, to develop standardized forms for the life insurance industry.
MIB is already promoting the life data standards ACORD has developed.
ACORD and its member companies will begin developing life form standards Oct. 29-30, at a working group meeting in Westwood. The meeting will focus on the first part of the new business application form, ACORD says.
Developing standard forms should help cut legal costs, state filing costs, distribution costs and staff costs, ACORD says.