ACLI unveils life reinsurance data hub. (Technology: Technology Notes).
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 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 of the process," McCarthy said.
Other than a Web browser, 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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|Article Type:||Brief Article|
|Date:||Nov 1, 2002|
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