NU Online News Service, Feb. 24, 2005, 3:43 p.m. EST
An insurance technology standards group is looking at ways to work together with a financial reporting standards group.[@@]
The insurance group, the Association for Cooperative Operations Research and Development, Pearl River, N.Y., has started building bridges with the financial reporting group, the XBRL Consortium, New York, by publishing a paper that talks about ways data standards can help insurers.
ACORD has developed many different kinds of insurance data standards over the years, including sets of standards for using XML, a relatively new approach to identifying bits of data so that computers will have an easy time sorting the data and translating it into new formats.