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.
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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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