ACLI unveils life reinsurance data hub. (Technology: Technology Notes).The American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. recently unveiled plans for what it calls the world's first life reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. data hub. The initiative is focused on the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market, and is designed to transform the life reinsurance business by providing a single electronic infrastructure for direct life insurers and reinsurers. The highly secure hub is a Web-based utility that will allow life companies to interconnect on one public network. The system will take in-force, treaty and transaction data files from direct writers and will map them appropriately through the hub. The files will then be delivered to reinsurers and retrocessionaires in one standardized format that can be passed directly into their systems, said Brian Mccarthy, ACLI's director of business development. The ACLI ACLI American Council of Life Insurers ACLI Associazioni Cristiane Lavoratori Italiani (Italy) ACLI American Council of Life Insurance ACLI Ada Command Language Interpretation hopes the hub will create a seamless end-to-end flow of data between life industry counterparts. Currently, direct writers pass treaty and transaction data to reinsurers using their own formats. Reinsurers then must translate, cleanse, manipulate and enter some of the data manually onto their own systems. Data standards currently exist in the industry, but they aren't being implemented. "Reinsurers and retrocessionaires incur tremendous costs because of the lack of standards, and the existence of the hub will drive standards to the marketplace and dramatically cut down on the frictional cost Frictional cost The difference between an index fund return and the index it represents. The typically lower rate of return from the fund results from transactions costs. of the process," McCarthy said. Other than a Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. , no additional software will be required. The utility was developed with the support and advice of a cross section of direct writers, reinsurers and retrocessionaires who have served as a technical advisory group. Its development is a collaborative effort by ACLI and London-based ri3k, an independent technology company. ACLI anticipates the utility will be fully operational worldwide sometime during the first quarter of 2003. |
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