Seven technology and data storage firms have joined together with a US standards body to agree ways of storing insurance information.

The partnership between the members of the Repository Infrastructure Group (RIG) and the Association for Cooperative Operations, Research and Development (Acord) will affect the way millions of documents are stored for the London Market.

The introduction of common standards is an attempt to ease access to data by users that include loss adjusters, lawyers and actuaries as well as insurance professionals.

The seven members of RIG are RebusIS, August Group, Intech Solutions, Melstar Information Technologies, Randall Lyons, Tower Technology and Xchanging Ins-sure Services.

A spokesman for RebusIS said: "It allows London to retain its pre-eminence as a hub, as international partners can come in and know how to access the data they need.

"It's instantaneous access to accurate data."