The service has been carefully thought-out to ensure that it supports the way that buyers, brokers and carriers actually do business. The difference is that it lets them collaborate, create contracts, distribute risk and transact in a way that is faster, more accurate and more efficient.
The ACORD standard data from quotes and contracts can be passed directly to back-office systems of users. Underwriters who take in this data gain a trading advantage because it means their information is always up-to date without the cost, inaccuracies and delays associated with endless re-keying.
By doing all our technical development at our headquarters in London, we can be more flexible and responsive to our users' needs.
We have built the RI3K Trading Service on a solid foundation of knowledge and experience of the insurance and reinsurance sector. Whilst customer focus is our most important discipline, we also live at the heart of the business, and we have analysed all the processes and standards. This lets us provide intelligent support and advice, but also it means we can innovate and customise our offerings for users battling with the complex migration to a paperless business model.
October 2007
At the 21st Bermuda Reinsurance Congress, business process outsourcing company Xchanging and paperless trading service RI3K reveal plans for a dedicated Bermuda market utility. The initial service, available from 1 November 2007, will be unveiled as part of a straight-through processing Bermuda platform, which is aimed to be fully operational by late 2008.
September 2007
The paperless trading service RI3K announces that its service with Aon has now been extended to include the specialty and direct divisions as well as treaty reinsurance. This means that the majority of large commercial business distributed by Aon from its London operations will now be electronic. The RI3K service allows the broker to select the relevant markets for the contract, and to manage the transaction through binding, signing down and endorsement. The signed contract is then passed back to Aon's system and the ACORD standard trading data is sent to the underwriter systems.
September 2007
RI3K announces the completion of its new message service for the insurance and reinsurance industry. The RI3K Message Service has been designed to exchange placement, accounting and settlement data between brokers and carriers regardless of which back office systems they have implemented. The solution provides straight through processing to Xchanging and data can be transformed in any format ranging from straightforward email to ACORD standard xml. The technology behind this service is being provided by Kewill Systems Plc a leading global provider of business integration and data messaging solutions.
June 2007
RI3K wins six ACORD Awards including the International Implementation Award, the ACORD Innovative Implementation Award and the Industry Leadership for Straight Through Processing Award.
May 2007
IPGL Limited, a private holding company of which Michael Spencer, Group Chief Executive of ICAP plc is the major shareholder, acquires a stake in trading service RI3K, from Brit Insurance Holdings. IPGL has joined forces with investment fund Eton Park, investment banking and broking group Numis Corporation, and Climate Exchange plc CEO Neil Eckert to acquire a controlling interest. Brit, which has backed RI3K since its establishment in May 2000, has reduced its shareholding from 86% to 19.9% on a fully diluted basis.
April 2007
Lloyd's announces its purchase of a global licence from RI3K "that enables business to be placed in an efficient, cost-effective and secure manner." RI3K's paperless environment will now enable underwriters in Lloyd's reinsurance operation in China to exchange information electronically with underwriters in London, speeding up the service to brokers and cedants in China.
Autumn 2006
RI3K wins the Reinsurance e-business initiative of the year Award from Reactions magazine and the Market Innovation of the Year Award, voted by the readers of the magazine.
September 2006
RI3K announces a revolutionary new version of its trading system. Named "V3", the new system will be rolled out in the run-up to renewals to replace the existing RI3K platform. It will allow users to handle all types and classes of facultative and treaty reinsurance, as well as commercial "direct" insurance.
June 2006
Aon UK announces it will move to a full electronic trading capability during 2006 for its specialist insurance and reinsurance businesses, and that "it is working with a number of hub providers; in the case of the RI3K electronic market place, Aon has simplified the interface and agreed a substantially reduced pricing tariff for underwriters to reflect the increased volumes it believes this will generate."
November 2005
RI3K announces that it will demonstrate its Commercial Insurance electronic trading service by the end of November 2005 for International Property, North American Property and Terrorism classes of business. It has confirmed also that it will offer 21 further classes of business by May 2006.
September 2005
Xchanging and RI3K announce an initiative to allow early checking of contracts on-line. The early checking service, XPressCheck, will allow subscriber reinsurers to have their reinsurance policy wordings checked on-line by Xchanging prior to being signed.
September 2004
RI3K completes an ACORD certified business integration with the ConCert production system of international broker, Aon.
September 2003
RI3K announces some of Europe's biggest cedants - including ACE Overseas General, Aviva, Talanx/HDI, Royal & SunAlliance and Brit - will use RI3K for their treaty renewals