Following its preliminary announcement last September, London-based ri3k, the leading provider of computer-based data processing and accounting for the reinsurance industry, announced the launch of Version 2.0 of its reinsurance infrastructure.
A company bulletin described Version 2.0 as a “completely new user interface” that “introduces a host of advanced new features on the ri3k Hub, including:
1. A broker friendly quotation system
2. The ability to manage multi-layered treaty programmes
3. The facility to pass on technical accounting data
4. Dual continent real-time disaster hosting
Alex Letts, ri3k CEO, commented, “The release of 2.0 is as dramatic a step forward as Windows 3.0 was for Microsoft 10 years ago. Data can flow across the infrastructure from top to bottom, but there is still one important component to be revealed as soon as renewals are over – we call it Project Jhelum. In the meantime, the exclusive focus is on the treaty side for the renewal season.”
The September bulletin announced that eight large cedants had already begun their migration from paper-based processing to the electronic paradigm. It named ACE Overseas General, Aviva, Brit, Talanx/HDI, and Royal & SunAlliance as being among those using the ri3k infrastructure for renewals.
“All the major reinsurance brokers and over 60 reinsurance companies from 24 countries – from Chile to China – are already involved,” added Letts, “so as you can imagine our customer service team is suffering from time zone disorder at the moment. And to think this is only the beginning.”
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