A life and health market research group wants to help develop electronic data transmission standards for the employee benefits market.
The group, LIMRA, has formed an alliance with the Object Management Group (OMG), a nonprofit technology standards group based in Needham, Massachusetts.
(Related: ACORD Sets Benefits Enrollment Standard)
LIMRA has been working on the benefits market data standards issue for more than a year.
To help benefits market players develop standards, OMG has set up a Workplace Benefits Domain Task Force. The chairs of the new task force are Edie Bice of Unum; InAh Chambers of LIMRA; and Aaron Roby of Texas Life.
The task force organizers hope to develop data exchange standards for non-medical, non-retirement benefits.
The standards could apply both to group benefits and to individual benefits products sold at the worksite.
Organizers say the new task force will be open to benefits brokers, independent benefit plan administrators, benefits administration technology vendors, and insurers that offer non-medical, non-retirement employee benefits products.
The task force will start its first face-to-face meeting June 18, in Boston.
More information about the task force is available here.
— Read ACORD Adopts DTCC File Format Standards on ThinkAdvisor.