inreon, the Internet-based reinsurance trading platform, established by Swiss Re and Munich Re, announced that it has received certification for its implementation of data standards for facultative reinsurance placement from ACORD, the New York-based industry standards body.
This enables members of the platform, currently around 80 primary buyer and brokers, to automatically submit risks to reinsurers “as soon as they have the relevant data available in ACORD compliant placement XML structures. Instead of inputting information via the web, data is simply pre-loaded onto inreon templates. Members then only have to review the details and select the reinsurers to whom the business should be sent.”
Munich Re’s Clem Booth, who also serves on inreon’s board, stated “The future of electronic trading in the reinsurance industry will be much brighter thanks to the combined efforts of inreon and ACORD. Universal and effective data standards will help make sure the reinsurance sector fully benefits from the advantages offered by e-trading.”
Inreon’s Chairman and CEO Kaj Ahlmann, noted that “ACORD is the insurance industry’s global leader in XML standards for electronic data sharing. This pioneering certification of inreon’s placement standards shows the platform is leading the way in establishing a streamlined, automated and highly efficient electronic placement process for the reinsurance sector.”
The two organizations are planning further initiatives aimed at implementing inreon’s “SOAP XML message handling standard in the context of the ACORD Reinsurance Framework pilot project.” They’re also planning to introduce back office administration facilities stressing the creation of standards “governing both contract confirmation issues and technical accounting.”
“The certification of inreon’s work on implementing placement standards represents an important step forward,” declared Gregory Maciag, President and Chief Executive Officer of ACORD. “Adopting such standards has the potential to save the industry millions of dollars every year by reducing work duplication, improving accuracy and eliminating ambiguous communication exchanges.”
The announcement was made at the NAII convention in LA.
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