RUSSIAN INSURERS WORK TOGETHER TO IMPLEMENT ACORD STANDARD

Several Russian insurers and Russian subsidiaries of international operations have agreed to work together to implement ACORD standards, the standards development organization said late last week. Rosgosstrakh, SOGAZ, Ingosstrakh, RESO-Garantiya, Alfa Strakhovaniye, Allianz and Zurich are some of the businesses that have signed up. ACORD said that, when completed, it would be the first documented ACORD implementation in the Eastern European region. ACORD said that the Russian insurance industry became aware of ACORD through a project entitled "Technologies for the Insurance Market", which consisted of 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. Igor Khromov, Deputy General Director at Ingosstrakh, said that "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 impact of new technology and the importance of insurance industry standards on a global scale will be one of the many topics covered at this year's Insurance Technology Congress, organized by Insurance Day and ACORD and taking place on October 9 and October 10 at The Grange Tower Bridge, London.