Kinnect is one of the first organisations to meet the latest standards for data transfer set by global standards body Acord, said Lloyd's.
The Lloyd's backed messaging system was this week certified by Acord as meeting its XML risk placement standard, one of Acord's first members to do so, it said.
Kinnect chief executive Toby Davies said: “Complying with Acord's standards is important to Kinnect in winning and keeping the commitment of major brokers and carriers.
“Kinnect's core job is to provide a single hub through which data is exchanged between underwriters' and brokers' systems to support placings and to record all the details of the resulting contract. As the number of companies using our service increases, standard interfaces become essential to drive cost reduction.”
Acord standards vice president Ron Dudley said: “Kinnect's proactive promotion of electronic placing support is an important step forward in making our industry more efficient.
“Given their central role, their adoption and usage of the Acord standards is of key importance. We have been delighted to work with them to certify their usage of the XML Acord placing standard [Placing Jv-Ins-Reinsurance-2003-2] and look forward to further collaboration into the future as they expand their usage of the Acord standards.”
