B2B Data Exchange and Master Data Management Reduce Cost and Complexity of Insurance Integration and Accelerate Implementation of 360 Degree Customer Views
REDWOOD CITY, Calif., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Informatica Corporation (Nasdaq:INFA), the world's number one independent leader in data integration software, today announced that it is the first software vendor to deliver a set of product-based data integration and data exchange solutions around the ACORD Framework, the foundation for next-generation, insurance industry information architectures.
"Informatica embarked on a multi-year strategic initiative around ACORD, bringing together new and mature ACORD standards and award-winning Informatica technology," said Girish Pancha, executive vice president, Data Integration, Informatica. "Through this initiative, we are taking the lead in providing an enterprise platform and a coherent approach for insurers to take advantage of shared intellectual property available through ACORD. The Informatica ACORD-compliant solution will give customers a single view of customer, product, party and claims data that lets them leverage their ACORD investment."
The Informatica solutions are based on the Informatica Platform and encompass:
Informatica B2B Data Exchange is being enhanced to support AIM. This includes enabling customers to produce AIM-consistent data streams for Party, Policy, Contacts, and Physical Objects in a variety of integration scenarios for messaging and storage. It also includes conformance with ACORD Plug and Play Consortium specifications for Life, Annuity & Health (LAH) standards, which is pivotal to further enabling Straight-through-Processing (STP) and Service Oriented Architecture (SOA).
Informatica's extensive insurance industry libraries provide out-of-the-box support for ACORD AL3, ACORD XML (PCS, LAH, RLC), and AIM-consistent data interfaces.
Informatica offers an ACORD-compliant multi-domain master data management (MDM) solution, with support for the ACORD Information Model. Informatica MDM enables reliable sharing and communication of business-critical information across various insurance applications by delivering an authoritative single version of the truth for policy, product, party, and claims data, as well as providing a 360-degree view of customers across all these data.
"Vendor adoption, participation and use of the ACORD Framework and ACORD Standards significantly benefit our carrier members and the industry as a whole," said Shane McCullough, Chief Enterprise Architect, ACORD. "We are excited that Informatica is embracing the value of ACORD and has made such significant advancements."
Available immediately, the new offerings reflect Informatica's significant ongoing commitment to:
- Supporting key ACORD working groups and initiatives, including the ACORD Plug-and-Play Consortium working group.
- Reducing the costs and complexities of insurance industry integration, and cost-effectively enabling STP and SOA.
- Accelerating the implementation of 360 degree customer views for insurance carriers.
The combination of industry standards enabled by ACORD with enterprise solutions such as MDM is key to accelerating the implementation of 360-degree view of customers for insurance carriers. These customer- and household-centric views are critical to customer retention, lowering customer acquisition costs, and driving new revenues in today's highly competitive insurance industry.
"MassMutual adopted ACORD standards as our enterprise-wide SOA standards. SOA Services, compliant with ACORD, enable us to plug and play, instead of custom building interfaces and continually maintaining them. They substantially reduce time-to-value and on-going maintenance cost, as well as positioning us to take advantage of cloud computing," said Ki Nam Kim, Vice President of Enterprise SOA Strategy, MassMutual. "Informatica's on-going commitment to deliver scalable ACORD-compliant SOA Services was a key differentiator in selecting Informatica as our MDM partner to provide the 360 degree view of customer to enrich our customers' experience with MassMutual."
Informatica 's ACORD-enabled offerings will be exhibited at the ACORD Implementation Forum in Fort Lauderdale, FL, November 2-5, and at Informatica World 2010 in Washington, DC, November 2-4.
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Informatica Corporation (Nasdaq:INFA) is the world's number one independent provider of data integration software. Organizations around the world gain a competitive advantage in today's global information economy with timely, relevant and trustworthy data for their top business imperatives. 4,200 enterprises worldwide rely on Informatica to access, integrate and trust their information assets held in the traditional enterprise, off premise and in the Cloud. For more information, call +1 650-385-5000 (1-800-653-3871 in the U.S.), or visit .
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