Aspen follows G6 with peer-to-peer trading
Aspen Re has become the first reinsurer to follow in the footsteps of the G6 with the launch of a live peer-to-peer electronic trading platform.
Aspen’s global platform will enable it to trade live risk messages electronically with Lloyd’s brokers anywhere in the world and has the capacity to support a market hub as well.
Aspen said the system will use the ACORD data standards and processes agreed by the G6 in 2006 and signalled its commitment to adopting leading edge technology to support its business operations.
Lisa Gibbard, head of IT at Aspen said: “With the implementation of our peer-to-peer messaging gateway, we will be able to offer close integration with our broking partners and reduce the risk of errors associated with manual paper-based processes.”
Aspen said the system would provide the technology foundations for future initiatives such as the Electronic Claims File and electronic Accounting and Settlement, projects which it intends to launch later this year.
Gibbard added: “Our adoption of this platform will result in significant operational efficiencies worldwide, helping remove, for example, the need to re-type information when transferring from one system to another - a key benefit of electronic risk trading. This will allow our underwriters the time to focus on underwriting risks rather than administrative tasks. In addition, the ‘zero transaction cost’ associated with peer-to-peer messaging will help to reduce the operational cost of placing Lloyd’s risks.”
Separately, UK insurer Brit Insurance Holdings plc has become the latest (re)insurer to offer brokers the option of placing electronically through peer-to-peer systems or an electronic hub.
The company has recently installed TriSystems InfoBahn's Universal Messaging Gateway (UMG) to allow the exchange placing messages and electronic documentation to industry standards using ACORD messages.
Kathy Lisson, COO of Brit said: “The London Market is changing and many of our key brokers are demanding that we trade electronically. TriSystems InfoBahn’s UMG has given us the power and flexibility to transact not only the ACORD XML placing messages but other forms of electronic interchange such as iMarket. As a result, Brit Insurance can trade electronically and efficiently with any insurance/reinsurance partners.”