Pearl River, N.Y. - China Life Insurance Co. Ltd. became the first Chinese domestic insurance company to join the Association for Cooperative Operations Research and Development (ACORD) as a member.ACORD members participate directly with their peers and partners in the standards process regarding development, maintenance and management of ACORD standards. Members participate in working groups and committees, which manage and develop, and then vote on new standards specifications and maintenance requests to support both international and local business requirements.
Based on the agreement, Beijing-based China Life will work closely with ACORD to apply ACORD standards into its strategic information implementations. As the implementation of ACORD standards is built on the foundation of member participation, China Life will fully participate in the ACORD process including needs identification, implementation, enhancements and governance. Pearl River, N.Y.-based ACORD will provide training and support to help China Life during this process.
Wan Feng, vice president and executive director of China Life is very pleased to be the first insurance company in China to join ACORD as a member, to have ACORD's assistance in its drive toward internal standardization and to contribute to the standardization effort for the China insurance industry overall, according to ACORD. "Our mutual cooperation not only brings significant improvement to the management of China Life's standards, but will also greatly impact the standardization effort of the insurance market in China in lasting ways," he says.
ACORD is pleased to have reached this milestone within the Chinese insurance community, says Gregory Maciag, president and CEO, ACORD. "As our global membership expands, the scope and strength of our Standards grow broader and stronger. Having China Life join as an ACORD member will allow us to continue to build on the strong relationships we've been working steadily to create and nurture in the Asia Pacific region since 1998," he says.
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