Many organizations have greeted the 2006 ACORD LOMA Insurance Systems Forum by releasing new and improved products.
ACORD, Pearl River, N.Y., used the Las Vegas event to show off a preliminary version of its Single Business Data/Information Dictionary, the first component of its ACORD Standards Framework.
The dictionary contains more than 10,000 identified business terms, definitions and mappings, according to ACORD.
ACORD hopes to release what it describes as a “full harmonized dictionary” for review by ACORD members by Sept. 30.
In other technology product news:
- MajescoMastek, Edison, N.J., a unit of Mastek Ltd., Mumbai, India, has introduced Elixir 2006, a service-oriented architecture system designed for life insurance and annuity companies.
The product, which incorporates ACORD technology standards, uses Web services technologies to help insurers connect many different applications, MajescoMastek says.
The system comes with components that can support point-of-sale distribution, channel portal, channel compensation and claims-processing applications, the company says.
- EDS SolCorp, Toronto, rolled out Radience: Retirement, a new extension of the Radience: Administration system that can help insurers manage many different types of annuities, such as fixed-interest accumulation annuities that provide guaranteed lock-in type interest options and equity-indexed annuities that come with several index choices.
EDS SolCorp is a unit of Electronic Data Systems Corp., Plano, Texas.
- AdminServer Inc., Chester, Pa., started selling the Virtual Back Office collection of administration products.
The collection includes the AdminServer policy administration system; a unit value management and fund accounting module; a point-of-sale illustrations module; a module that can handle new business and underwriting; and a module that can administer producer licenses, appointments and commissions.
An insurer can use the modules with the AdminServer policy administration system or link the modules to other products with an integration hub, AdminServer says.
- SHPS Inc., Louisville, Ky., has shipped out Version 7.0 of its eligibility and enrollment system for the SHPS channel solutions market, which includes mid-market employers.
The system helps employers enroll employees in benefit plans through the Web and offer plan members information about the cost and quality of health care.
Version 7.0 includes new security features; combined enrollment for employees who get health savings accounts along with high-deductible health insurance; and more flexible tools for producing benefits worksheets and other materials aimed at plan members.
- Pervasive Software Inc., Austin, Texas, says it is adding support for the Web-Direct Internet service to its Pervasive Business Integrator software.
MIB Group Inc., Westwood, Mass., developed the Web-Direct service to ease access to its insurance policyholder information database.
Pervasive notes that the MIB service incorporates the ACORD TXLife 401 and 402 transaction sets.
- LASON Inc., Troy, Mich., has introduced the LASON Insurance Advantage family of services for conversion of paper and microfilm policyholder documents into digital form and management of digital policyholder documents.