What are ACORD forms?
In the field of insurance, there’s no arguing the number of forms and paperwork that comes with the territory. Almost everything has a form or a document associated with it, which necessitates the need for a standardized approach. If everyone had their own way of doing things, we wouldn’t have made it this far, to say the least.
In pursuit of this goal, we’ve all probably heard of ACORD forms. These valuable documents are used by a variety of insurance carriers, providing a valuable and tangible method of exchanging information and recording it in a manner that is universal to all agencies and their agents. Of course, handwriting forms isn’t something anyone enjoys doing, but we have a solution for that. For now, let us discuss these forms and how they play into the everyday life of an insurance agency.
The ACORD Organization: Its Vision and Mission
The term ACORD is actually an acronym for the Association for Operations Research and Development. They are the insurance industry’s nonprofit standards developer, meaning they set forth the universal language and documentation that all insurance agencies utilize. They are also a resource for other things like object technology, EDI, XML, and electronic commerce in both the United States and around the world.
The organization’s most widely recognized accomplishment is, of course, the creation and publication of a massive library that encompasses a wide variety of forms used by the insurance industry. These Acord forms are the gold standard, constantly updated and universally recognized. Today, the not-for-profit organization has established a gigantic library of electronic data standards as well, allowing for ease of trading data between insurance carriers and their agency partners.
These forms are used by the majority of agencies in the U.S. and around the world, with the number growing constantly. The ACORD website states both a mission and a vision for the organization that is consistently seen in everything they do: “ACORD envisions an insurance industry that embraces a global and enterprise view of information, in which relevant business solutions all include or provides for ACORD Standards. ACORD wants all trading partners to be able to easily exchange information.”
This is only a snippet of their vision, but it lends itself to a standard that allows for increased efficiency, massive savings, and improved data flow.
All Your Forms Available Digitally Through QQCatalyst
With a full understanding of these forms and their importance in an agency’s everyday business, it stands to reason that there should be a method of filling out these forms other than the tedious process of doing it by hand. At Vertafore, we understand the need for these forms, but we also know that an automated method saves both time and money by eliminating the need to complete them manually.
Our software solution supports a massive list of these forms, but it goes beyond simple support. The program is also able to map coverage and policy information directly to the appropriate form without the need to enter it manually. Of the massive list, these are just a few of the forms that our software solution supports:
- 25 – Certificate of Liability Insurance
- 27 – Evidence of Property Insurance
- 80 – Homeowner Application
- 90 – Personal Auto Application
- 125 – Commercial Insurance Application
- 126 – Commercial General Liability Section
- 127 – Business Auto Section
- 130 – Workers Compensation Application
- 131 – Umbrella / Excess Section
- 137 – Commercial Auto
- 140 – Property Section
As you can see, the wide variety of insurance agencies out there requires a number of different forms. Everything from drivers to workers, to agriculture and aircraft, is part of this industry, and with QQCatalyst, yours can have support to automatically map these forms. Our program is so much more than a simple form mapper, however. You’ll find that this software solution is the ultimate choice for your agency.
Our programs are fully cloud-based, able to function on any machine that possesses a web browser, including mobile devices and tablets. Whether you need a quick glance at the business or an in-depth analysis, the program is equipped to provide both at a moment’s notice.
With our cloud-based system, your company can go paperless immediately, processing all forms, including ACORD forms digitally. Training and implementation of the new software are simple and easy with built-in training throughout the program.