Do you use ACORD forms in your agency? Silly question, right? The likely answer to this question is yes as it is very difficult to do business in the insurance industry without using ACORD forms. ACORD is a non-profit organization that has been providing global insurance industry standards since 1970. ACORD forms are widely used because most carriers will take an ACORD form application, making it easier for producers to complete one form to place coverage.
In years past, agencies, brokers and carriers had access to ACORD forms via their agency management system (AMS) so agencies did not need to do business direct with ACORD to access and utilize the forms. This changed on January 1, 2020. ACORD now requires that agencies, brokers and carriers have their own end user license (EUL) that comes with a fee. The forms are still accessible via an organization’s AMS, however, there must be an EUL associated with that organization or the forms won’t be accessible.
So, what is the good news?
The Big ‘I’ negotiated an agreement with ACORD, wherein Big ‘I’ will cover the cost of the EUL for Big ‘I’ members with less than $50 million in annual revenue. The $50 million revenue threshold does not include non-P&C revenue. Depending on size, this can save an agency anywhere from $20-$2,500. The only catch is that the forms must be accessed via an AMS or redistributor. For agencies who do not have an AMS, there is a discount available for the EUL fees through the ACORD Advantage Plus Program.
ACORD and Big ‘I’ have worked together to make claiming an EUL as seamless as possible. Each agency only needs to claim one license per location if all locations have the same name. In short, the license is associated with the agency and not each individual user at the agency. ACORD and Big ‘I’ are working together to verify membership and eligibility. The information that is shared between the two organization does not include any personally identifiable information. Similarly, ACORD will not copy or use individual data entered on the forms for application purposes.
Now that you have the most essential information regarding how this new process will work, let’s talk about claiming your EUL. This is a very simple process and again, only one person from each agency needs to complete this process. To claim your EUL, visit the ACORD Forms License Website. Click on Claim Your License under the Big ‘I’ Forms End User License section. Next, click on Big I Agency Vendor-Supplied Forms License. You will then be required to log into ACORD or create a log in. From there, you will claim your license. This license does not need to be sent to your AMS provider.
You may be wondering if you only must claim your EUL one time or if this will be an annual requirement. The EUL is good for one year, so you will be required to claim a new license each year after January 1st. Big ‘I’ membership will be verified so be sure to keep your membership with PIIAC/Big ‘I’ current each year.
If you are not a current PIIAC or Big ‘I’ member, you can join at anytime to gain access to a free EUL for ACORD forms. Join PIIAC today to take advantage of all of PIIAC and Big ‘I’ member benefits. Click here to join.