London-based, ri3k, the global reinsurance infrastructure, announced that it has successfully completed an ACORD certified business integration with the ConCert production system of the UK division of international insurance and reinsurance broker, Aon.
“Using secure SOAP [Simple Object Access Protocol] web services, this integration now enables Aon to upload their reinsurance placements directly onto the ri3k Hub in real time,” said the bulletin. “It also creates a secure dataflow channel whereby contract information can run between the Aon in-house systems and the ri3k infrastructure, eliminating errors and duplications arising from double entry of data.”
“We are delighted the integration with the ri3k Hub is now in place,” stated Ian Summers, Aon’s director of reinsurance change strategy. “Aon’s strategy to advance the concept – and now the practice – of straight through processing has been further strengthened, and now it is up to the wider market community to embrace these technologies to realise the benefits.”
ri3k’s Chief Executive Alex Letts commented: “The business benefits for Aon integrating with us are manifold, but perhaps the unsung hero here is the purge of the dreaded manual re-entry which produces so much unseen cost.” The problem, also known as “re-keying,” frequently results in errors, as high as 15 percent in many cases. ri3k’s programs are one of the few in existence that directly address it.
Originally founded in May 2000, ri3k Limited is based in London with offices in Singapore and Toronto. It has built an XML-based, secure infrastructure for the global reinsurance industry called the ri3k Hub that provides benefits to the business processes of cedants, brokers and reinsurers.
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