ACORD has released an update to three data-related facets of the ACORD Reference Architecture: the Data Model, the Information Model, and the Business Glossary. This update streamlines audience specification, lead management, and targeted marketing for the insurance industry.
The Data Model Version 2.13 and Information Model Version 2.13 introduce significant advancements within the Activity and Marketing domains.
The Activity domain has been prioritized, refining how activities connected to new business acquisitions are captured. This enables businesses to more effectively document and analyze their promotional efforts. Marketing Activity has been added as a subtype of Activity to allow insurers to record and assess actions taken to promote products or services to specific target audiences.
A new Lead Management feature has been added as a dedicated sub-package within the Marketing domain. This enhancement enables users to efficiently capture, nurture, and convert leads. With tools for gathering lead details, applying scoring models, and tracking conversion rates, organizations can now align their marketing and sales efforts for optimal results.
Another improvement to the Marketing domain is the addition of the Sales Appetite component, which empowers insurance companies to align sales and marketing initiatives with their risk tolerance, ensuring that opportunities pursued in the sales pipeline are in harmony with company objectives.
The Business Glossary Version 2.16 includes new terms and concepts related to these improvements.
The complete ACORD Reference Architecture, as well as its individual components, are available by subscription to both ACORD members and non-members. For more information about the ACORD Reference Architecture, please visit www.acord.org/RA.