Acord insurance forms are a set of standardized forms that brokers and carriers may use to streamline the process of quoting, binding, and renewing policies. Particularly for commercial insurance where the types of risks a policy will need to cover can vary widely from a tech company contending with the threat of cyber attacks to a farm protecting against natural disasters to a trucking company seeking to insure a fleet of vehicles and cargo – having a way to efficiently translate risks from client to carrier is key for brokers looking to deliver the best possible value and experience.
Advantages and disadvantages for brokerages and insurtechs
Acord forms have remained the industry standard despite their shortcomings. Brokers have become very good at learning the forms, but the process of completing them on behalf of clients is still slow, tedious, and error prone when done manually. This is not scalable for brokers and the slow turnaround time and frequency of errors is a bad client experience.
Furthermore, many carriers still require their own applications in addition to or instead of Acord forms. For brokers attempting to get the best quotes for their clients, they need to be able to easily complete Acord forms and many other forms to get multiple quotes. On the flip side, even insurtechs with the technical resources to automate filling Acord forms find themselves struggling to recreate the written/unwritten rules and norms in code.
Finally, larger brokerages may have direct API integrations with carriers, putting smaller brokerages and upstart insurtechs at a disadvantage if they do not have the scale to complete applications and other insurance forms efficiently. For these reasons, Acord forms can either be an advantage or disadvantage for those trying to level up their operations, depending on how they choose to tackle them.
A solution for fillable Acord forms
Anvil’s fillable Acord forms help modern brokerages of all sizes better serve their clients and streamline their operations. The most common Acord forms for commercial insurance, including the commercial insurance application (Acord 125, Acord 126, Acord 140), workers’ compensation (Acord 130), and certificate of insurance (Acord 25) are available in the Anvil Form Library as templates ready for automation. These forms are ready to be filled over API or turned into a Turbo Tax-like Anvil Workflow when copied into an Anvil account.
Start using Anvil for Acord forms
If you don’t have an Anvil account, you can create one for free and start filling Acord forms over API in minutes (and add your own forms with the help of Anvil Document AI). To learn more about how leading insurtechs use Anvil to build products fast with Anvil Document SDK, check out our insurance industry page!