The London-based RI3K Exchange, which specializes in offering reinsurers, cedants and brokers on line services, announced that it has joined ACORD, the international organization which is working to standardize global data processing for the reinsurance industry.
“RI3K has become a member of ACORD. It has also used the ACORD XML protocols that in tandem with ACORD data standards have resulted in the reinsurance integration process becoming massively simplified and more cost effective, ” said the company’s announcement.
CEO Alex Letts stated that “Creating a straight-through-process is not just about some neat XML technology but also about the data.” He indicated that RI3K’s research for an ideal structure for technical and accounting data fields had led it to adopt the ACORD standards.”The major companies have repeatedly asked us to follow ACORD standards,” Letts noted. “They do require their own flex around those standards, but at the core it’s true to say that the ACORD way looks to us to be increasingly the industry way. ACORD has traction, that much is clear.”|”ri3k, adopts, acord, standards
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