RI3K launches into commercial insurance

Press Releases / 10 November 2005

3 classes ready before Christmas, further 21 by May 2006

RI3K today announces that it will demonstrate its Commercial Insurance electronic trading service by the end 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.

The Commercial Insurance service will run on the same technology platform as RI3K’s Reinsurance service and will use the same log-on, interfaces, and security, and will offer the same functionalities.

“The Commercial Insurance service is a mirror image of the Reinsurance service, running on the same, proven technology”, says Alex Letts, RI3K’s Chief Executive. “It allows brokers to manage quotation, placement, signing-online, signing down and endorsement in a transparent, auditable electronic environment. The full data output is offered to back office systems in ACORD standard format.”

RI3K has built the Commercial Insurance service in response to market concerns over the high cost of the transaction process in the subscription market, and to provide a solution that can support the FSA’s calls for greater contract certainty in the UK market.

“It’s a consolidated service offering insurance and reinsurance trading in one environment. It has one interchange agreement, and it’s fully compliant with ACORD, LMP and Contract Certainty requirements,” adds Letts. “As it sits on proven, scaleable technology, we can add new classes of business almost on a daily basis. We fully expect to be ready to play our role in helping the UK market meet the FSA Contract Certainty deadline of end 2006″.

RI3K says that it intends to make an announcement about its pricing policy for the insurance component in early 2006.