Within the insurance market, companies are communicating internally and externally using ACORD and DTCC public data standards, as well as their own proprietary layouts. Companies must map their internal data constructs to the standards, which is a massive undertaking that requires significant business knowledge and technical expertise.
There are many data transformation tools available in the general marketplace. However, few contain the business logic that is needed to communicate in ACORD and DTCC speak. And most tools are geared toward a developer's knowledge that leaves a business knowledge gap that is costly to overcome.
Ebix offers a solution that fills the knowledge and technical voids created by existing tools. VTXtranslate is a user-friendly ASP platform that compliments existing tools. The ASP provides dynamic data mapping screens presented in simple Business English terms geared for use by a System's Business Analyst. Functionality includes:
VTXtranslate is integrated with Aplifi/iPipeline's ADMConnect tool. The ADMConnect tool is a service-based platform utilizing an ACORD-compliant database that translates disparate data in and out of the ACORD format. ADMConnect comes with DTCC file format templates and is widely used in the market today as a conduit for transmitting the DTCC files electronically, using DTCC's secured network.
Aplifi/iPipeline's users of VTXtranslate realize the following benefits:
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