Standards body Wise has launched an implementation programme to encourage the adoption of agreed standards.
Rob White-Cooper, Wise chairman, said: “Developing and documenting standards is merely the beginning – implementation is the crucial step.
“The insurance community must ensure that the industry data standards, which we have commonly agreed, are put into practice. And for that we need a firm commitment from Wise members to deploy the standards.”
The implementation programme, ratified by the Wise board in November 2000, draws on proposals from insurance and reinsurance representatives in Wise.
The initial focus will be on reinsurance, particularly administrative reinsurance and retrocession transactions such as technical accounts, bordereaux, claims and settlement requests.