RUSSIA: Insurers are interested in the implementation of international standards ACORD

13 September 2012 — Olesea ADONEV
acordOn August 23, 2012, representatives of the top Russian insurance companies have signed a memorandum of agreement with ACORD (Association for Cooperative Operations Research and Development) regarding implementation of the international standards to the local insurance market, according

"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 memorandum stands as a statement of the sides' intentions to cooperate aiming to introduce on the Russian market the best world practitioner standards. "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."

"If the main players of the Russian insurance market will succeed in establishing a consolidated position and will also get the support of regulatory authority, then it is possible to boldly design for the maximum complete and rapid introduction of the standards", noted Pyunit BARAL, Head of consulting subdivision ACORD on Great Britain and Europe.

The Russian insurance organizations working on the ACORD implementation initiative include: ROSGOSSTRAKH, SOGAZ, INGOSSTRAKH, RESO-Garantiya, ALFA Strakhovaniye, ALLIANZ, MSK, RENAISSANCE Strakhovaniye, VSK, CONSENT, INSURANCE Technologies, ZURICH.

ACORD is the global non-commercial association of insurers, into tasks of which enters the assistance to development and to the use of standards in the region of insurance and the financial branches connected with them. Services ACORD use companies, agents and brokers, different organizations of financial sphere, the suppliers of software and different branch organizations in the entire world.

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