The London Market has been urged to adopt Acord XML standards, which could save the market £50m a year in operating costs.
The report, by the Accounting & Settlement Steering Group (ASSG), calls on the market to Acord XML data standards for premium and claims payment processes.
The report also claimed the move will lead to faster processing of premiums and claims, greater flexibility in processing business and improved customer service.
Marie-Louise Rossi, chief executive of the International Underwriting Association (IUA) and chair of the ASSG, said: "The Market Reform Group, the cross-market group supporting reform, has endorsed the proposals and is urging all practitioners to adopt them. I'm delighted to say the initial responses have been extremely positive,"
Aon said the proposals offer a major step forward for the market, while Amlin said insurers should adopt the model.
