Big “I” Secures Access to ACORD Forms for Members

    Posted by MAIA on August 6, 2019

    ACORD-BigI_ImageMAIA members will enjoy a significant new benefit, thanks to collaboration between the Big “I” and ACORD, the organization that maintains a library of over 850 insurance industry forms. On January 1, 2020, ACORD will begin charging a fee to use the forms in their library. However, the majority of Big “I” members (including MAIA members) will NOT have to pay the fee. The Big “I” has agreed to fund end-user licenses to allow free access to ACORD for member agencies with less than $50 million in revenue!  Read on for FAQs and details…  

    FAQs

    What has changed with ACORD form and agent access?

    ACORD has been maintaining a complete library of forms for our industry for almost 50 years. They are working through updated agreements with their management system partners. ACORD will be charging new fees for the users of their forms, beginning on January 1, 2020. 

    How does this affect Big “I” (and MAIA) member agencies?

    The Big “I” has worked to ensure their members are covered and will NOT incur fees when accessing needed ACORD forms. All Big “I” members (which includes all MAIA members) with less than $50 million in revenue will get the forms free as part of their membership.

    Does this affect my current agency workflow?

    No – Agents will still access forms via their agency management system workflow as they have previously.

    How will ACORD know that I am a Big “I” member agency?

    The Big “I” is working with ACORD to validate Big “I” membership through their databases. This validation will be transparent to agency users.

    How much will my agency save?

    Below is the fee schedule for ACORD forms for agencies, effective January 1, 2020.  Big “I”/MAIA member agencies with less than $50 million in revenue (shown in red) will get the forms free as part of their membership.

    Gross Rev. Min

    Gross Rev. Max

    Per Agency Fee

    149,999.99

    10.00*

     150,000.00

    499,999.99

    20.00*

     500,000.00

    1,249,999.99

    60.00*

     1,250,000.00

    2,499,999.99

    150.00*

     2,500,000.00

    9,999,999.99

    500.00*

     10,000,000.00

    24,999,999.99

    1,750.00*

     25,000,000.00

    49,999,999.99

    2,500.00*

     50,000,000.00

    99,999,999.99

    5,000.00  

     100,000,000.00

    249,999,999.99

    12,500.00

     250,000,000.00

    999,999,999.99

    50,000.00

     1,000,000,000.00

    2,999,999,999.99

    100,000.00

     3,000,000,000.00

    and above

    130,000.00

    * Free for MAIA/Big “I” Members

    What if I have questions or need further help?

    More background on ACORD Forms is available at www.acord.org/forms, and you can also call ACORD directly at (845) 620-1700.


     


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    Topics: The Massachusetts Agent, Member Benefits

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