ACORD says it’s taking another step forward toward promoting a new employee benefits enrollment standard.
The Pearl River, New York-based industry group sayts it has formally launched a new ACORD Member Enrollment Standard for employee benefits transactions. The group based the standard on an enrollment framework, and enrollment transaction specifications, it received from Benefitfocus Inc. in January.
Benefitfocus is a Charleston, South Carolina-based company that develops digital systems for selling and administering benefits products. Ten insurers used the company’s iMax standard to process about 4 million benefit plan enrollment transactions in 2016, according to ACORD.
Now that ACORD has adopted the standard, other companies can use the standard to structure the data needed to help employees shop for, enroll in, manage and exchange benefits, ACORD says.
ACORD says its Employee Benefits Implementation Community will release a draft of a revised version of the standard Oct. 1 and hopes to release the revised version by March 31.
— Read ACORD LOMA Event Kicks Off on ThinkAdvisor.