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Munich Re
interface they can carry out all their
data interchanges with every client
connected to the network.
The message standards developed
in the last three years in a joint
venture between RINET, the
London market and the US
reinsurance market today cover the
most important areas of communication
between cedants and
reinsurers: accounting, claims
information, payments. Standards
are currently being developed for
the electronic placement of risks in
reinsurance. Generally applicable
documentation and practical
implementation recommendations
minimize the work of individual
member companies in the creation
of internal interfaces.
The further development of these
standards and their more
widespread use in the insurance
markets is in the interests of both
insurers and reinsurers: uniform
standards and usage guidelines,
plus the widely recognized
products and services that RINET
has developed for the connection
of internal systems to international
electronic networks, will produce a
marked increase in efficiency in
administration.
Cost pressure and globalization of
markets require that electronic data
interchange can take place not
only within but also between
networks, i.e. with any market
participant in another network. The
more fragmented the world of
networks in the insurance industry
becomes – with such facilities
existing alongside or even
competing with each other –
the more important are uniform,
internationally recognized
standards and the more
indispensable is a “synergetic”
centre for the international
insurance industry. This is the
function that RINET fulfils.
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