Swift has signed an agreement with major insurance industry players that will aim to facilitate administrative processes between insurers, brokers and reinsurers.
By spring 2009, a central platform for electronic data transmission will be launched and piloted for 12 months. The project partners include Swift, global insurance standards organisation Acord, the reinsurance companies Swiss Re, Munich Re and Scor, as well as reinsurance borkers Aon, Benfield and Willis.
This agreement is a result of an initiative launched in late 2007, when a group of global reinsurers and brokers started the Ruschlikon Initiative, with the aim of building a shared industry solution for electronic data transmission. Swift joined the group in January 2008 to provide both the platform and network for premium and claims accounting transactions.
Interactions between reinsurance market players are presently paper-based, even if the ‘paper’ involved is sent in the form of an email attachment. This means that data relating to offering, placing and accounting must be entered into various IT systems many times along the value chain.
"Swift is delighted to help the insurance industry increase automation and straight-through processing as well as reduce risk,” comments Gottfried Leibbrandt, head of markets at Swift.
Peter Arbenz, project leader on behalf of Swiss Re, adds: "Swift has a track record of successfully reducing transaction costs for the banking industry. Together with Acord's insurance data standards and the clout of six leading reinsurers and brokers, we have all the ingredients it takes to offer our clients attractive solutions for their reinsurance administration."
Last Updated September 18, 2008
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