Global standards development organization ACORD announced that a coalition of major Russian insurers, including subsidiaries of Allianz and Zurich, have agreed to work together to implement its standards. “When completed, this will become the first documented ACORD implementation in the Eastern European region and a historic milestone for ACORD,” said the bulletin.

Representatives from ACORD and top Russian companies met in Moscow on August 23, 2012 to sign a memorandum of agreement to work together on this implementation initiative.

“We’re very excited to introduce ACORD Standards to the Russian marketplace,” stated Lloyd Chumbley, ACORD Vice President of Standards. “We look forward to helping these organizations realize the many efficiencies that standards can bring to their businesses.”

The bulletin explained that the Russian insurance industry “became aware of ACORD through a project entitled ‘Technologies for the Insurance Market,’ which brought top managers from leading insurers to a roundtable on ways to improve the Russian market’s internal business processes. The discussions led the group to ACORD Standards, in particular back office and front office functions for accounting, settlement and claims, and the ACORD Framework, the enterprise architecture for the global insurance industry.”

Igor Khromov, Deputy General Director of Ingosstrakh Insurance Company, observed: “We see enormous value in bringing the internationally recognized ACORD Standards to Russia. The development of our insurance market demands that we take this important step towards greater efficiency and faster exchange of data, which will benefit both our companies and our customers.”

ACORD noted that the following Russian insurance organizations are working on the ACORD implementation initiative:
• Rosgosstrakh
• Ingosstrakh
• RESO-Garantiya
• Alfa Strakhovaniye
• Allianz
• Renaissance Strakhovaniye
• Consent
• Insurance Technologies (Russia)
• Zurich

Source: ACORD