ACORD, the insurance technology standards group, said a delegation of staff and members had visited China and presented a two-day seminar focused on ACORD standards and their application within the Chinese insurance market.
The Aug. 3-4 event led by Gregory A. Maciag, ACORD president and chief executive officer, included ACORD, the China Insurance Industry Standardization Technology Committee (CIISTC) and the China Insurance Regulatory Commission (CIRC) Dalian Bureau in the seaside city of Dalian in Liaoning province.
Pearl River, N.Y.-based ACORD said the goal of the seminar was to provide attendees with the information and resources they needed to understand the business value of ACORD standards, as well as the way that standards can support both their domestic and international efforts.
More than 160 Chinese insurance company chief information officers, chief technology officers and information technology staff, with CIRC officials, were welcomed by CIRC Chairman Li Kemu at the opening session of the event.
Participants heard from IT leaders of domestic Chinese insurers including China Life, Ping An Insurance Company, China Re Group and China Pacific Insurance Company regarding their experiences with implementing standards.
Frank Liu, chief information officer, China Life, was quoted by ACORD as remarking: "The information presented by all speakers was very useful for China Life. We now know more clearly how to use ACORD standards, to cooperate better with other international standard organizations, and to set our own standards more efficiently."
Mr. Maciag said in a statement: "The warm reception ACORD and ACORD standards have received in China has been gratifying. The growing interest in and understanding of ACORD standards by the Chinese insurance market will be beneficial for many of our members as they continue to build and grow their businesses in China."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.