PEARL RIVER, NY and MOSCOW, RUSSIA -
31 August 2012 - A coalition of top Russian insurers have agreed to work
together to implement ACORD Standards. When completed, this will become the
first documented ACORD implementation in the Eastern European region and a
historic milestone for ACORD. 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," said 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 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.
"We see enormous value in bringing the internationally recognized ACORD Standards to Russia," said Igor Khromov, Deputy General Director, Ingosstrakh Insurance Company. "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."
The Russian insurance organizations working on the ACORD implementation initiative include:
- Alfa Strakhovaniye
- Renaissance Strakhovaniye
- Insurance Technologies (Russia)