ri3k , the innovative London-based technical support system provider to the reinsurance industry, announced a further step in standardizing the forms used in reinsurance placements with an agreement to create LMP compliant slips with ACORD certification for contract placement messages covering all treaty types and classes.
The company’s Hub system is able to direct reinsurance contract and technical accounting data from one company system to another over the Internet. This removes the burden of repeated manual data re-entry during the life of a contract, and creates straight through processing of data and cash across the entire reinsurance industry. LMP (London Market Principles) slips are forms developed to standardize terms processes and procedures. ri3k’s special release of its reinsurance hub, code named InSynch, will enable, cedants, brokers and reinsurers to further coordinate placements.
“The LMP Office has approved the ri3k contract structure which will be used for June renewals onwards for tradable electronic slips on ri3k’s system,” said the announcement. “In accordance with the LMP slip requirements, ri3k has introduced mandatory field names, separated into the correct LMP categories. These categories are risk details, subscription agreement, information and fiscal/regulatory.”
The company also noted that it “has been certified under the ACORD RLC 2003.1 XML standard for its ACORD contract placement messages and its SOAP framework. This certification means the system of any company that has ACORD compliant implementation can exchange contract data electronically with the ri3k Hub 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”, stated Ron Dudley, ACORD VP-Standards. “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.”
ri3k’s CEO Alex Letts noted that the company’s “LMP and ACORD compliance is evidence that the reform driven by Lloyd’s and the wider industry is crystalising into reality. Contract certainty and efficiency are the destinations; the new electronic infrastructure is the highway.”
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