Integration

RI3K recognises that our customers have varying needs and require solutions to maximise their use of RI3K services and also the investments they have made in their own IT infrastructure and systems. A key benefit of trading electronically is that, behind the scenes, trading data is captured and through integration can be handed off to customer’s internal systems.

Customers can choose to integrate their systems directly with RI3K or via the Exchange. Either way will facilitate a straight-through-processing between RI3K and their systems.

RI3K offers three levels of integration:

‘Browser only’ capabilities:

For customers who don’t have an ACORD gateway, there is an easy way to receive the information (such as contract data, data pack, quotes, signed lines, etc.) from RI3K to their system as a feed in real time. This is offered through RI3K Data Exchange, or RDX, which delivers ACORD XML messages and related documents without the technical complexity and costs of implementing the ACORD Messaging Standard (AMS).

Download RDX information sheet

‘One-way’ capabilities:

Carriers who have an ACORD gateway can decide to implement ‘one-way’ messaging. Their underwriters would need to log on to RI3K through a web browser to manage the transaction. Resulting system messages would then be transmitted by RI3K directly to their gateways (and into their processing/back-office systems) or to the Exchange for onward transmission.

‘Two-way’ capabilities:

Carriers who have very sophisticated processing systems have the option to implement ‘two-way’ messaging. Their underwriters would trade as usual on their own systems which would send/receive ACORD XML messages to/from RI3K directly or via the Exchange.

What is the difference between RI3K and the Exchange?

RI3K and the Exchange fulfill different purposes. RI3K is a trading service which handles the risk distribution and the placement workflow electronically, most usually via the web browser. The Exchange is a messaging service which checks the format and then ships the placement messages and supporting documents received from RI3K to the carrier systems.

How do we integrate?

One-way and two-way integrations with RI3K are done through the RI3K Message Service which collects insurance data messages from the sender and forwards them to their destination using the ACORD standards as its framework.

It supports multiple message types including quotation, placement and endorsement. The service will be expanded in the future to handle the market’s other message types such as technical and financial accounting.

Messaging Standards

• ACORD RLC XML 2009-1
• Document Repository Interface DRI (1.2)
• SOAP - ACORD AMS (1.4)

Integration business benefits

• Removes the need to re-key data
• Improved accuracy: with both front and back-office accessing the RI3K Marketplace data, the chances of errors are greatly reduced
• Enhanced capacity: greater automation allows you to deal with much larger volumes
• Reduced costs in the medium and long-term
• Faster response times