RI3K, the electronic exchange for reinsurance information and cash, is complying with ACORD industry standards.
The London-based company signed up to the US standards about two weeks ago.
ACORD ...
RI3K, the electronic exchange for reinsurance information and cash, is complying with ACORD industry standards.
The London-based company signed up to the US standards about two weeks ago.
ACORD sets data standards aimed at helping reinsurers share information.
RI3K marketing communications manager Roddy Langley said the move was aimed to improve service for existing users and increase RI3K's appeal to potential customers.
RI3K chief executive Alex Letts said: "As we have researched the sector for ideal structure for technical and accounting data fields, the major companies have repeatedly asked us to follow ACORD standards.
"They do require their own flex around those standards but at the core it¹s true to say that the ACORD way looks to us to be increasingly the industry way."
The RI3K exchange converts data in the format required by each participant at different stages in the sharing process.
Letts said: "The information is automatically presented in the exact way the cedant, broker and reinsurer systems want to see it."
Different data standards have previously hampered efforts to share information in the industry.
ACORD chief executive Gregory Maciag said: "We are very pleased with RI3K's membership in ACORD. Their participation in the standards process will go a long way toward driving implementation among the reinsurance community."
