SWIFT, a provider of financial communications solutions, has signed an agreement with insurance industry companies to develop a central platform for electronic data transmission between insurers, brokers and reinsurers.
The project stems from the "R?schlikon Initiative," which was started by global reinsurers and brokers in 2007 to build "a shared industry solution for electronic data transmission," according to SWIFT, which joined the initiative in January 2008. Project partners include SWIFT, ACORD, Swiss Re, Munich Re, Scor, Aon, Benfield and Willis.
SWIFT said that by spring 2009, a central platform for electronic data transmission will be launched and then piloted for 12 months.
Gottfried Leibbrandt, head of markets at SWIFT, said, "SWIFT is delighted to help the insurance industry increase automation and straight-through processing as well as reduce risk. We will build on our elements of community, standards and platform to help the R?schlikon Initiative."
Currently, SWIFT said, interactions between insurance and reinsurance market players "are predominantly paper-based, even though 'paper' may be transmitted in the form of an e-mail attachment. Data relating to offering, placing, accounting, etc. may be entered into various IT systems many times along the value chain."
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