Ever since insurers started using computers to do business, there has been a debate over the need for data standards, driven by the notion that such standards are critical to the efficient operation of the industry.

Thanks in large part to efforts by ACORD, many forms in the industry have been standardized, but the elusive Holy Grail remains establishing broader data standards for insurance–the kind seen in banking and other financial services.

However, while establishing data standards would no doubt save time and money, without them the insurance industry continues to be financially robust, even after two of the worst catastrophes in its history: 9/11 and Hurricane Katrina. It was with this scenario in mind that National Underwriter approached a number of seasoned industry observers to ask:

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