A group of Russian insurers have signed an agreement to implement ACORD standards. This will be the first documented ACORD implementation in Eastern Europe.

"We're very excited to introduce ACORD Standards to the Russian marketplace," said Lloyd Chumbley, ACORD VP 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 "Technologies for the Insurance Market," a roundtable discussion on ways to improve the Russian market's internal business processes. The discussions included ACORD Standards for back office and front office functions for accounting, settlement and claims, and the ACORD Framework, the enterprise architecture for the global insurance industry.

The participating Russian insurers include:

- Rosgosstrakh

- SOGAZ

- Ingosstrakh

- RESO-Garantiya

- Alfa Strakhovaniye

- Allianz

- MSK

- Renaissance Strakhovaniye

- VSK

- Consent

- Insurance Technologies (Russia)

- Zurich

"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."

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