The Association for Co-operative Operations Research and Development (ACORD) has launched its first data standard for the Australian life industry, with TAL and industry super fund UniSuper adopting it.

It will allow electronic transfer between the two and let TAL transact with other funds that adopt the web-based tool.

ACORD Director of Global Development Alan Stitzer says the standard breaks down barriers, allowing multiple funds and insurers to do business.

He says it is particularly relevant at a time when financial institutions want to cut costs, because once implemented, incremental adjustments are much less expensive.

ACORD will now work on strategies to increase take-up, Mr Stitzer told insuranceNEWS.com.au.