Bermuda reinsurer's system will trade global risks electronically
Aspen Re has launched its own IT global platform that will enable it to trade live risk messages electronically with Lloyd’s brokers anywhere in the world.
Using the data standards and processes agreed by G6, the group Lloyd’s insurers, risks will initially be traded with brokers on a ‘peer-to-peer’ network, with the capability to support a ‘market trading hub’ if required.
Aspen claims it is the first company to follow in the footsteps of the G6, and said it signals its continuing commitment to adopting leading edge technology to support its business operations.
“This will allow our underwriters the time to focus on underwriting risks rather than administrative tasks
Lisa Gibbard,Aspen
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.
"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.”
The company's initial implementation of the peer-to-peer technology will allow underwriters to receive risk placement messages and endorsements electronically, together with insurance documents downloaded directly from brokers’ document repositories.
Information on Aspen
Aspen Insurance UK Limited was established in London in June 2002 to serve the needs of the London and wider UK insurance market. It is the largest business in the Aspen Group. The company trades under the names of Aspen Insurance and Aspen Re, writing a range of specialty insurance and reinsurance lines respectively Aspen Insurance UK Limited is a wholly owned subsidiary of Aspen Insurance Holdings Limited.
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