Data standardization within the reinsurance industry comes a step closer as London-based ri3k announces a special release of its reinsurance hub. Called InSynch, it enables users to create LMP-compliant slips, and has ACORD certification for contract placement messages covering all treaty types and classes.The LMP Office has approved the ri3k contract structure, which will be used for June renewals onward for tradable electronic slips on ri3ks system. 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.
ri3k has also 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.
Established in May 2000, ri3k has built an XML-based, secure infrastructure for the global reinsurance industry. The platform is now serving customers globally. The ri3k Hub directs 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.
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