24 May 2004 – Kinnect, the Lloyd�s-backed messaging system to support electronic placing of risks, is one of the first organisations to meet the latest standards for data transfer set by global standards body, ACORD.
ACORD has this week certified Kinnect as meeting its XML risk placement standard. It is one of the first of the organisation�s members to do so.
Kinnect�s CEO Toby Davies said:
�Complying with ACORD�s standards is important to Kinnect in winning and keeping the commitment of major brokers and carriers. Kinnect�s core job is to provide a single hub through which data are exchanged between underwriters� and brokers� systems to support placings and to record all the details of the resulting contract. As the number of companies using our service increases, standard interfaces become essential to drive cost reduction.
�Kinnect looks forward to working with its clients and ACORD to enhance the standards so that process efficiency benefits from increasing standardisation of data to deliver better, more certain risk placement.�
ACORD is a global insurance body that facilitates the development and use of standards for electronic transfer of data for the insurance industry.
Ron Dudley, Vice President, Standards, ACORD said:
�Kinnect’s proactive promotion of electronic placing support is an important step forward in making our industry more efficient. Given their central role, their adoption and usage of the ACORD standards is of key importance. We have been delighted to work with them to certify their usage of the XML ACORD placing standard [Placing Jv-Ins-Reinsurance-2003-2] and look forward to further collaboration into the future as they expand their usage of the ACORD standards.�
Kinnect�s Chairman, Iain Saville, is presenting at the ACORD LOMA Insurance Systems Forum in Las Vegas from 23-25 May. Kinnect is also exhibiting at the event.
Kinnect is working with ACORD to certify its messaging specifications to ACORD SOAP Framework Guideline standards.