Gregory Maciag

ACORD in Russia

Just as a follow-up to an earlier post. Here is a full view of ACORD coverage in Russia. Hope you can read Russian. Download 2012-10 Russian ACORD Article

Russia Moves to World Standards

Here is a copy of a Press Release translated from Russian.

The representatives of Russian insurance companies signed today a “memorandum about the cooperation of participants in the Russian insurance market and ACORD.

Memorandum attaches the intentions of sides on interaction for purposes of the introduction of standards and the best world practitioner in the Russian insurance branch.  Signing took place within the framework the round table “OF ACORD in Russia”, organized BY ANES “the technologies of the insurance market” and for the dedicated to questions creation of favorable environment for the development of insurance technologies in Russia, and also to advance of the ideas, which facilitate an increase in the insurance market and an increase in his [tsivilizovannosti]. 

“The signing of memorandum has for us enormous value, since initiates the process of the appearance in Russia of the international insurance standards, the need for which is dictated by the development of the market for insurance services, stated Igor [Khromov], leader of the committee ANE „of the technology of insurance market “on the business processes and the standards. - Especially urgent this becomes in connection with the introduction of Russia in [VTO]. Analogous process on the market for bank services in its time led to the appearance in Russia of an international bank standard SWIFT”.

The introduction of standards ACORD will contribute to an increase in general [tsivilizovannosti] of the market for insurance services, to the essential reduction of the operating expenses of participants in the market, to an improvement in the quality of business processes, to an increase in their competitive ability, including with respect to the external players, who accomplish expansion for the Russian market.

“If the important players of insurance business in Russia form the consolidated position and will be obtained the support of regulatory organs, then it is possible boldly to design for the maximum complete and rapid introduction of the standards of the description of business processes, formats of exchange of data carriers and utilized documents, noted It [pyunit] [Baral] (Puneet Of bharal), head of [konsaltingovogo] subdivision ACORD on Great Britain and Europe. - Having moreover, spent very modest resources, entire market will obtain the possibility to use results of long-standing efforts for the improvement of the business processes of the chief players of world insurance market”.

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, [perestrakhovaniya] and the financial branches connected with them. Services ACORD use hundreds of companies, which carry out insurance and [perestrakhovaniem], and also thousand agents and brokers, different organizations of financial sphere, the suppliers of software and different branch organizations in the entire world.

Autonomous nonprofit organization “technologies of insurance market” ([ANK] “OF [TSR]”) is formed in 2012. By its mission [ANK] “OF [TSR]” proclaims creation on the Russian insurance market for the [mediynoy] structure, which moves the ideas, which facilitate an increase in the market and an increase in its [tsivilizovannosti], which consolidates the interests of its chief players. Questions of the standardization of insurance activity will become one of the basic directions of the activity of organization to the near period.  Investfunds

Industry Leaders Top Issues

Rio de Janeiro, June 19, 2012 -- Over 400 insurance leaders from all sectors of the global industry representing over 50 countries are meeting at the International Insurance Society (IIS) 48th Annual Seminar in Rio de Janeiro this week. A survey of seminar participants on Monday, June 18th sought current views on key industry issues. The survey included over 150 respondents, 30% from Latin America, 21% from Asia Pacific, 20% from Europe, 13% from North America, 10% from Africa and 5% from the Middle East.   Download IIS 2012 News Release

Think Global Act Local

I think that decision makers are beginning to see that the “think global and act local” formula has enormous power in the contemporary business landscape. This attitude gives them access to incredibly powerful tools without requiring matching levels of investment. It enables them to change what needs to be changed, rather than buying into a wholesale reformation that overrides the distinctive characteristics of their organizations. Organizations can take what they need from standards without sacrifing their uniqueness. Organizations and markets have different qualities.  So it’s the power to differentiate that we’re offering with ACORD Standards, not a sentence of uniformity.

Global Standards Groups Convene

Several members of the eEG7 Committee of UN/CEFACT met in Pearl River and by teleconference to discuss cooperation. Joining me and the staff are Manuel Reimer of BiPro (Germany) and Niget Wooden of eEG7 in the UK. (On my left and right).  Others from Brussels and the Netherlands attended by teleconference. Juergen Heck (Swiss Re), Past RLC Chairman, also attended the meeting. Lloyd Chumbley, Beth Grossman, Phil Brown and Ed Voyek are also pictured. John Kellington, ACORD SVP, also participated.

East Asia Insurance Congress

Francis Chung and I attended the EAIC this week in Hong Kong.  This is the annual gathering of brokers, insurers and reinsurers operating in Asia Pacific. Also participated in the Asia Insurance Review Annual Awards dinner last night hosted by Sivam Subramaniam (Singapore) and Greg Dobie (London). I have been on the international judging panel for the awards for the past six years. ACORD's profile is gaining momentum in Asia and participation in standards-setting is also expanding.

Japan Roundtable at ACORD

A group of insurance executives from Japan visited ACORD today in Pearl River. They were representatives of Tokio Marine & Nichido Fire Insurance, SOMPO, Mitsui Sumitomo Insurance, Nissay Dowa General Insurance, The Center for Financial Industry Information, TMSN Net, Microsoft and IBM.

They presented an overview of the Japanese insurance market and we spoke about ACORD. The group indicated that a Working Group was created among several of the top insurers to discuss the future of standardization and possible relationship with ACORD. 

Reflecting on the ACORD-WISe Merger

The ACORD we know today is the result of several mergers and consolidations over the years.  The most recent being the ACORD-WISe merger that took place on June 21, 2001.  Clem Booth was with Munich Re at the time and Vice-Chair of WISe. Rob White-Cooper was with Marsh and Chair of WISe.  These two executives were key to placing ACORD on the global stage.  Growth in membership and participation has increased drmatically during the past seven years as a result.

Clem and I met up with Rob at a recent dinner reception in London. They were pleased with the results of their efforts and were eager to hear about plans for the  future. Bookmark this page for my comments on 2008.

China Life Joins ACORD

China Life is the first domestic insurance company to become a member of ACORD. I will post the official press release so you can read what they say about ACORD. The membership was celebrated at the official signing ceremony in Beijing. News Release

Members in Japan

Tsukasa Makino, Manager IT & Corporate Planning for Tokio Marine & Nichido Fire Insurance Company visited our office today. They are ACORD members and he has been very helpful in our advocacy for industry standards.  He emphasized the important role of regulators in our business and the need to work with them.  So whether it is the International Association of Insurance Supervisors or the many national regulatory agencies, ACORD must build and maintain those relationships. We plan to do more in 2007.   

Roundtable on Globalization

After the ACORD Board meeting in Munich, we hosted a roundtable of industry executives to discuss the globalization of industry standards. Discussions focused on activities in various regions any among other standards and trade organizations.  The bottom line was to cooperate and collaborate as we have much in common.

Visit to Beijing

During the week of October 16th, I visited Beijing to meet with the China Insurance Regulatory Commission at their request.  There is a keen interest in standards and we were pleased to open the dialogue with government and industry leaders. We also visited with China Life, Microsoft, IBM, CSC, Lloyd's of London and several other local suppliers.

Globalization Continues

  I read The Economist for it's balanced view of the world (in my opinion).  As I am now preparing for our December Board of Directors meeting in Munich, the 16 September issue has been very helpful. It includes a pullout survey of the world economy and speaks to the growth in global economic output from the developing nations.  Our theme in Munich will be globalization and we will have roundtables by region.  The bottom line is that we serve members in all parts of the world today and we plan to re-calibrate our governance structure to better connect with organizations around the world.  The key to collaboration and cooperation is connecting people and that presents a few challenges as we span the time zones. I know that part of the solution will be for us to leverage technology to bridge the time gap. Yes we are a very local global industry, but my fellow trade associations and global standards bodies have much to gain by cooperating. I appreciate local differences, but we should not spend money re-inventing wheels.