Insurance companies use transaction categories to track every stage of a policy’s lifecycle. Each code represents a specific event—whether it’s starting, updating, renewing, canceling, or auditing a policy. Here’s a [...]
Introduction When you buy an insurance policy, it may feel like a simple transaction — fill out some forms, pay the premium, and you’re covered. But behind that process, there’s [...]
The 2GCG group in an AL3 file stands for Group Control Group, and its purpose is to inform the receiving system about data element groups that are intentionally not included [...]
The insurance submission lifecycle includes all the key steps that happen from the moment a customer requests coverage to the time the invoice is sent. Here’s how it flows: 1. [...]
In the insurance industry, agents and brokers are typically compensated in two primary ways: through direct bill commission or agency bill. It stands out as a simple yet widely used [...]
Farm insurance can be challenging to structure because it merges a variety of protections — property, liability, equipment, and sometimes specialized coverage for livestock or horses — into one policy. [...]
Introduction The New York Personal Property Supplement ACORD form is a standardized document used in the insurance industry to provide detailed information about personal property coverage for insurance policies in [...]
New Business(NBS) New Business involves providing an insurance policy to a client for the first time, regardless of whether the client is an individual, family, or enterprise. This marks the [...]
The Transaction Header Group 2TRG in an AL3 (ACORD AL3) file is critical because it provides important control information for the entire transaction being transmitted. What is the Transaction header [...]
The presence of extra zeros in AL3 files is typically due to how data is formatted and stored. Let’s discuss why it is important. 1. Fixed-Length Field Requirements AL3 files [...]
1. The Problem In many professional workflows, we often receive lengthy documents, such as insurance policies, research papers, contracts, or compliance reports, which can range in length from 50 to [...]
The North American Industry Classification System (NAICS) is a company classification system designed through a collaboration between the United States, Canada, and Mexico. This classification method makes it possible to [...]
Insurance agencies provide 2 types of billing options to their insureds. One of them is agency billing, in agency billing the insurance agency issues the bill to the insured for [...]
