RICHMOND, Va.--(BUSINESS WIRE)--July 1, 2003-- Company recognized at industry conference for being the first life insurance company to deliver ACORD XML pending case downloads GE Financial today announced it received three awards for technical excellence from the Association for Cooperative Operations Research and Development (ACORD), a non-profit organization aimed at standardizing technology and applications used across the insurance industry.
The awards were given to GE Financial's Independent Brokerage Group for its application of ACORD XML standards to improve the functionality of pending case downloads.
We have a history of industry leadership in the implementation of new technologies and standardization of electronic data transmission between our business and customers, said George Zippel, president of the Independent Brokerage Group. In fact, we were the first life insurance carrier to implement the XML standard for pending case downloads. I'm extremely proud of our team's groundbreaking efforts and the recognition by an important industry organization like ACORD.
We also applaud the work being done by ACORD to drive XML standardization. Specifically, GE Financial was recognized in the categories of Business Integration, Early Adopter, and Certification for Life & Annuity providers. The awards were announced at the ACORD Annual Conference May 18-20, 2003.
GE Financial's Independent Brokerage Group broke new ground in the Insurance technology industry on September 13, 2002, when it delivered pending case downloads to EZ-Data Inc., one of its agency management system providers, in the ACORD XML format. XML is a new technology platform that allows for seamless, more complete transfer of data between systems.
The results have far exceeded expectations as the use of ACORD XML has reduced rework associated with data transferred to agency management systems. The success of this project is leading to more XML efforts within GE Financial to increase the speed with which the business responds to customer needs.
The big advantage for customers is they will no longer have to put in special requests for reporting, nor do we have to use valuable IT resources to meet our customers' needs, said GE Financial's Tony Hashem, an XML IT leader. This technology allows us send all our information on a case and let the customer pick and choose what suits their needs. With the ACORD XML model, our customers not only see enhanced case information, but also have access to commissions, appointments and other related information.
GE Financial provides products and services that help people invest, protect and retire. Its consumer insurance and investment offerings are sold through multiple distribution channels and include:
life insurance, annuities, mutual funds, retirement investment plans, long term care coverage, supplemental accident and health benefits, auto coverage, and life style enhancement products like travel services and automobile clubs. Headquartered in Richmond, Virginia, GE Financial operates in 16 countries and has $126 billion of assets under management. For more information, visit www.gefinancial.com.
--30--KK/ny*
CONTACT: GE Financial
Tom Topinka, 804/662-2444
Josh Karpf, 804/662-7761
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340