The Association for Cooperative Operations Research and Development serves the insurance industry as a nonprofit organization that standardizes insurance data and insurance forms. As such, this group does not sell insurance, but the companies that ACORD works with sell all types of insurance.
The organization claims companies that implement ACORD standards improve data quality, increase efficiency and save money. The nonprofit maintains thousands of standard forms used by insurance companies that sell life, annuity, disability, health and long-term care insurance. Other standard forms belong to all types of personal and commercial insurance companies. Global reinsurance and large commercial insurance policies round out the types of products ACORD helps to standardize.
ACORD also manages electronic exchanges of insurance data, thanks to programming languages such as HTML, XML and UML. Each business that uses ACORD agrees to certain data standards, business rules and formats. The general goal is the easy exchange of information.
ACORD works with insurance brokers, agents, software providers, financial services companies and industry associations to standardize data collection within providers. ACORD hosts events and seminars and creates videos and research papers to help those in the insurance sector implement the organization's standards and technology. The nonprofit claims to have hundreds of clients worldwide, and the company's offices are in New York and London.