Russian insurance carriers agreed on cooperation with ACORD

Representatives of Russian insurance carriers signed today the Memorandum on interaction of participants of the Russian insurance market with ACORD (Association for Cooperative Operations Research and Development). The document confirms the intentions of the Parties to cooperate in order to implement the standards and the best world practices in the Russian insurance field.

Representatives of the Russian insurance companies signed today the Memorandum on interaction of the participants of the Russian insurance market and ACORD (Association for Cooperative Operations Research and Development). The Document confirms the intentions of the parties to interact in order to implement the standards and the best world practices in the Russian insurance field.

The Memorandum was signed in the framework of the Round table «ACORD in Russia», organized by the Autonomous Noncommercial Organization «Insurance Market Technologies», devoted to creation of favorable environment for development of insurance technologies in Russia, as well as to promotion encouraging market growth and enhancement of its civility, as it is said in the joint press release of ACORD and ANO «Insurance Market Technologies».

«Memorandum signing plays a very important role to us, since it initiates the process of emergence of the international insurance standards in Russia, the necessity for which is imposed by the development of the insurance market, — said Igor Khromov, Head of the Committee of ANO „Insurance Market Technologies“ for business processes and standards. — This matter is especially relevant considering the fact of entry of Russia into WTO. Similar process on the market of banking services has once led to emergence of the international banking standard SWIFT in Russia».

Introduction of ACORD standards will promote enhancement of the insurance market civility, considerable reduction of operating costs of the market participants, improvement of the quality of business processes, increase of their competitiveness, including rivalry with external players who try to spread to the Russian market.

«If prominent players of the insurance business in Russia form a consolidated position and attain commitment of regulatory agencies, it will be possible to fully count on optimally full and quick implementation of the standards of description of business processes, formats of the exchange of information and used documents, — remarked Punit Baral, the Head of Consulting Division of ACORD for Great Britain and Europe. — Moreover, having invested rather modest resources, the whole market will benefit from using the results of long-term efforts regarding improvement of business processes of the leading players of the world insurance market».

ACORD (Association for Cooperative Operations Research and Development) is a global noncommercial association of insurance carriers, the tasks of which include assistance in development and use of standards in the field of insurance, reinsurance and related financial fields.

ANO «Insurance Market Technologies» (ANK «TSR») was founded in 2012. The Mission of the ANK "TSR"lies in creation of a media structure on the Russian insurance market promoting the ideas encouraging market growth and enhancement of its civility, at the same time consolidating the interests of its leading players and reflecting a broad spectrum of their interests. The issues on insurance standardization will become one of the main business dimensions of the organization in the nearest future.