The closure of the Kinnect electronic trading platform
in January has enabled new developments in the relationship between
Lloyd's of London's back-office and RI3K, a commercial electronic
trading hub serving the market.
Xchanging, which processes policy documents at Lloyd's and is
part-owned by the market, recently joined forces with RI3K to agree
a framework to chart and meet the businesses process, messages and
other technology requirements needed to provide an end-to-end
electronic insurance exchange to market participants.
Known as Felix (Framework for the Electronic London Insurance
Exchange), the roadmap would have been unlikely to be agreed prior
to Kinnect's closure.
"Until Kinnect closed we could not collaborate with Xchanging,
as we were perceived as a threat," said RI3K chief executive Alex
Letts. "Its closure has been a catalyst for a huge frenzy of
activity across Lloyd's, and we suddenly have the makings of an
electronic market."
The collaboration should lead to the first integrated front- and
back-office by September, and a fully joined up electronic market
at Lloyd's by the middle of next year, according to Letts.
Key players in the insurance market, including the Group of Six
- a collection of insurers pushing for modernisation at Lloyd's -
have welcomed the initiative, which has been further boosted by the
pick-up in electronic trading activity on RI3K's Marketplace. This
has led the service provider to cut its charges by 80% as volumes
increase and brokers sign up.
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