SIBOS, VIENNA, 17 September 2008 — Today, SWIFT signed an agreement with major insurance industry players that will facilitate administrative processes between insurers, brokers and reinsurers. By spring 2009, a central platform for electronic data transmission will be launched and then piloted for 12 months. The project partners include SWIFT, the global insurance standards organisation ACORD, the reinsurance companies Swiss Re, Munich Re and Scor as well as the reinsurance brokers Aon, Benfield and Willis.
In late 2007, a group of global reinsurers and brokers started the ‘Rüschlikon Initiative’, with the aim of building a shared industry solution for electronic data transmission. SWIFT joined the initiative in January 2008 to provide both the platform and network for premium and claims accounting transactions.
Currently, interactions between (re)insurance 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.
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 secure platform to help the Rüschlikon Initiative.”
Peter Arbenz, Project Leader on behalf of Swiss Re, said: "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."
Note to Editors:
About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,300 banking organisations, securities institutions and corporate customers in more than 208 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information about this press release, please contact the SWIFT press office:
Kim Bratanata
Press Office
SWIFT
Tel: +32 2 655 3373
Email: kim.bratanata@swift.com