Celent, a Boston-based financial research and consulting firm, is pleased to announce that it will adopt the ACORD Framework as the basis for its upcoming report on global business process outsourcing in insurance. The framework will be used to define processes across the entire insurance value chain.
The forthcoming report is the third installment of the BPO series, which analyzes uses of BPO for core insurance services. Based on input from vendors, the research details information about BPO deals, including lines of business covered, deal value, and specific services performed. The report includes a sizing and analysis of the market and makes projections about what lies ahead.
"The use of the ACORD Framework represents another step toward standard process descriptions for the insurance industry," says Mike Fitzgerald, Senior Analyst with Celent's Insurance group. "Innovation Group approached us with the idea of using the ACORD Framework in our research. After a review, it was clear that the use of a standard framework would ease comparisons and provide a common baseline for planning for both insurers and vendors."
In conjunction with the adoption of the framework, Celent made several contributions to the model in the areas of claims, actuarial, and document management. These dimensions add processes to the ACORD Framework that are commonly provided as BPO services.
"Celent's adoption of the ACORD Framework strengthens the partnership between our organizations," says Craig Weber, Senior Vice President of Celent's Insurance group. "Celent is convinced of the benefits of standardization, and we are pleased to be able to further these efforts through our research."