Inreon has joined forces with global insurance standards body Association for Cooperative Operations Research and Development (Acord) to define e-commerce standards for the international reinsurance sector.
The internet-based reinsurance trading platform will attempt to reduce industry expenses and boost efficiency through the use of common global standards.
The move will see Inreon members participating in the expansion of existing industry standards to include data fields currently used on the internet-based trading platform.
Inreon's main aim will be to support Acord's efforts to develop standards for the use of computer language XML within the reinsurance industry.
Most of Acord's data dictionary will be matched against Inreon's own XML data and Acord's Large Commercial. Reinsurance subcommittee will now work with Inreon on expanding standards to incorporate additional data fields used on the platform.
It is hoped the trading platform will operate with industry-recognised standards.
Inreon chief executive officer Rob Bredahl, said: "The establishment of global industry standards based on real business requirements and cutting edge technology benefits the whole reinsurance industry. We believe our involvement with Acord will enable us to play a pivotal role in driving standardisation in reinsurance processes and data transactions."
Acord president and chief executive officer Gregory Maciag, said: "The growth of e-commerce has made standards more important than ever before. Technology has opened up new trading opportunities with many more business partners."