Swift to develop insurance industry platform

Swift to develop insurance industry platform

Interbank co-operative Swift has signed an agreement with major insurance industry players to develop a central platform for dematerialisation of paper transactions and electronic transmission between insurers, brokers and reinsurers.

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.

The impetus behind the project comes from the so-called 'Rüschlikon Initiative', set up by a consortia of insurance industry players in 2007 to explore the creation of a shared platform for automating the paper trail. Swift joined the initiative in January 2008 to provide both the platform and network for premium and claims accounting transactions.

Peter Arbenz, project leader on behalf of Swiss Re, says: "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."

The central platform is expected to be ready for launch by Spring 2009, followed by a 12-month pilot trial.

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