News

RI3K has announced that brokers and carriers will soon be able to use the RI3K electronic trading service to transact endorsements on a contract which has been placed by traditional paper methods.

The London market is ahead of the other global insurance markets when it comes to electronic placement but it must build on this within the next three years if it is to maintain its advantage, panellists said at the Insurance Day Technology Forum in London.

Darren Doherty, MD of BMS Facultative Ltd, and his team have been piloting use of RI3K. He discusses the benefits they are seeing from their move to electronic placing and some of the challenges they have faced on the way.

Tim Caroll, newly installed as Underwriting Director at Canopius, reflects on the progress that the market has made and the work still to be done.

Regional brokers could gain access to Lloyd’s when the market’s new electronic Exchange project is up and running, according to its developer IBM.

As the London market gears up for the forthcoming busy renewal season, Alex Letts explores the progress made by the Industry in 2008 in meeting the Market Reform Group’s ambitious targets to raise the level of insurance e-placement.

Tim Carroll, who is due to leave his role as chief executive of Swiss Re GB at the beginning of next year, will chair the newly-formed advisory board for electronic trading service RI3K.

A group of leading reinsurance companies and brokers want to revolutionise the industry by introducing a global electronic data transmission system along the lines the network used by the banking industry.

Electronic trading platform RI3K has launched a free-to-use ACORD data and documents messaging
service.

Insurer uses RI3K’s e-trading platform for Aon’s marine business.

Insurers and brokers are in talks to use the established Swift financial transfer network in move to speed up the pace of electronic placement of risks.

Following last year’s unprecedented six ACORD Awards, the electronic trading service RI3K has won three more this year making a total of 13 awards to date.

Broker Aon makes switch as rivals Willis and Marsh weigh up new platform.

A whirlwind presentation from one of re/insurance’s most famous figures, highlighted that resistance to electronic distribution in the Lloyd’s market is not only self defeating to brokers but is also costing insurers dear, says Alex Letts.

Following RI3K’s implementation of its new message service for the insurance industry, it teamed up with global technology provider Kewill to combine their data handling technologies.

Aon are leading the drive of the realisation of the MRG vision of electronic support for risk submissions. 2007 saw the firm pursue this objective through offering business via the RI3K trading platform.

Aon has completed as much as 80% of its 1/1 treaty reinsurance renewal placement electronically in December, with more than 5000 lines placed in this way through the RI3K Service.

As Aon reveals a huge leap in electronic placing at the 1/1 renewals, does this solidify technology’s place in the London market?

Next Monday, RI3K will be rolling out a new service - RI3K Net - which offers digital traders a securer, faster means of transacting business.

The 1/1 renewals took place amid an industry in transition, where historical practices are slowly being replaced by modern electronic processes.

Willis and Marsh will decide in the summer whether to discontinue paper based risk placements in favour of electronic trading platforms, after Aon fed 80% of its reinsurance renewal through a paperless portal this December.

Broker places 5000 lines through RI3K electronic trading platform.

Alex Letts offers his thoughts on the clarity and certainty that electronic trading can offer the market.

Senior figures from across the Lloyd’s market have put market and process reform at the the top of their wish list for the year ahead.