The Independent Insurance Agents & Brokers of America (Big I) and ACORD are launching a brand new Big I member benefit. Starting Jan. 1, 2020 Big I members with annual P&C gross revenue of less than $50 million will receive a complimentary license to use ACORD forms.
On Jan. 1, 2020, ACORD will begin charging all users of ACORD forms a fee including agents, brokers, and carriers. Currently, most agents access ACORD forms via their agency management systems. The Big I negotiated an agreement with ACORD and the association will pay ACORD an annual fee for use of the forms.
Your agency does NOT have to pay the fee to ACORD, and you will experience no change in your workflow or use of ACORD forms beginning on Jan. 1, 2020 with the exception of an initial, and then annual, validation to confirm Big 'I' membership. This will be executed in a simple clickthrough acceptance.
Independent agencies and brokerages that do not belong to the Big I national association, will have to pay fees to ACORD or join the Big I to take advantage of this benefit and so much more!
Questions and Answers:
What has changed with ACORD form and agent access?
ACORD has maintained a complete library of industry-specific forms for almost 50 years and beginning Jan. 1, 2020 it will charge new fees. Currently, ACORD is updating agreements with its management system partners.
How does this affect Big "I" member agencies?
The Big I has worked to ensure that Big I members will not incur fees when accessing necessary ACORD forms. All Big I members with less than $50 million in P&C revenue will get the forms free as part of their Big I membership. NOTE: The $50 million annual revenue threshold does not include non-P&C revenue such as from benefits, and other lines of business. Identification of the P&C revenue for each agency will be handled by ACORD.
Does this affect my current agency workflow?
No. Agents will still access forms via their agency management system workflow as they have previously. The process change is that agents will need to annually validate an end-user license agreement (EULA) to access forms.
What if I don't use a management system, or my management system doesn't have the specific form I need?
Agents will validate an end-user license agreement and access the needed form via the ACORD Forms Portal.
How will ACORD know that I am a qualifying Big I member agency?
Big "I" IT staff is working with ACORD to validate Big I membership through our databases. This validation will be transparent to agency users, and we are working to ensure we share the absolute minimum information possible.
What if I have questions or need further help?
More background on ACORD Forms is available at www.acord.org/forms, and members can also call ACORD directly at (845) 620-1700.
To learn more about the Big "I" Agents Council for Technology, contact ACT@iiaba.net