ri3k said users of the special release of its reinsurance hub, launched today, will be able to create compliant LMP slips.
Called InSynch, the hub has ACORD certification for contract placement messages covering all treaty types and classes, said ri3k.
The LMP office has approved the ri3k contract structure, which will be used from June 2004 renewals onwards for tradable electronic slips, it said.
InSynch includes mandatory field names, separated into the correct LMP categories in accordance with LMP requirements. The categories are risk details, subscription agreement, information and fiscal/regulatory.
The company said it has also been certified under the ACORD RLC 2003.1 XML standard for its ACORD contract placement messages and its SOAP framework.
It claimed the authorisation means any company using the ACORD compliant system can use the ri3k hub for electronic data exchange virtually immediately.
“The combination of ACORD standards for the insurance industry, XML for data and SOAP for web services has unquestionably moved the automation process along”, said ACORD vice president, standards, Ron Dudley.
“Companies like ri3k that are committed to the utilization of standards in their software will help facilitate and drive adoption of these standards in the global insurance marketplace.”
