Reinsurance hub ri3k has announced the integration of its system with software firm CSC's administration system, which will allow brokers and reinsurers to transfer risk data using single-key functions.
The new link will transfer contract and accounting data via the Internet. ri3k claims the system will provide a seamless interface between trading parties, bringing significant cost savings.
ri3k chief executive Alex Letts said: "This is just the start. In a few years time, the seamless movement of data will be standard practice for the big players the industry."
The announcement of the deal comes as ACE chairman and chief executive Brian Duperreault urged the London market this week to continue on the road to modernisation.
Duperreault said the London market has come a long way in its efforts to modernise but still has much to do.
He said: "The traditional way of doing things resulted in inefficiencies and that resulted in several years of poor results, which signalled to the market that it had to change."
