Insurance Gateway
Oban has built an ACORD compliant Insurance Gateway. The gateway bridges the gap between the back-office Registry and the Insurance company using the ACORD insurance messaging standard.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance industry. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardised forms, and tools to support their use.
The ACORD standard has been applied to automate all aspects of group and individual insurance, including:
- New policies
- Policy renewals
- Underwriting
- Claims
- Premium collection
- Policy lapses/reinstatements
In addition to a standardised API interface for certain insurance activities, there are two secure transport protocols available, namely:
- ACORD AMS which is the protocol primarily used by international insurance companies
- The newer AS4 protocol as used by the Superannuation Transaction Network
The Insurance Gateway will ultimately open up access to those insurance components that have historically eluded members, such as, claim processing. It will give members real-time access to all their insurance information.
