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Insurance companies are naturally protective of proprietary information, but the industry as a whole suffers when carriers are unwilling to share information that organizations such as ACORD can use to establish industry-wide standards. That scenario is playing out once again in the telematics space.

By Robert Regis Hyle | Updated on April 30, 2013
RECIPES FOR PRODUCTS such as Coca-Cola and KFC chicken are famously locked away in vaults to protect their respective companies’ most vital assets. Many insurers feel equally protective about their plans to deal with the influx of huge amounts of data from telematics systems that some believe will change how personal auto policies are and will be underwritten.

ACORD began the process of studying data standards for telematics in the spring of 2011 in response to a number of insurance carriers—members of ACORD—who were interested in the topic and wanted it brought to the table, according to James Bielak, program manager for the property & casualty program at ACORD.

“It was my job to formalize the community into a working group,” he says. “At that point we were under the ACORD governance policy. I got my steering committee to approve the working group and we ramped up in June (of 2011). The first meetings were focused on brainstorming business requirements and understanding what our members were hoping to get out of such a working group.”

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