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Lloyd's Eyes China With New Trading System
April 12, 2007 |
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Lloyd's is bringing state-of-the-art technology to China to ensure that business placed in its new reinsurance operation there is handled as quickly and efficiently as possible.
The world's leading specialist insurance market is using Xchanging's processing software Genius as its core reinsurance system in China, which will enable users to log on as either a Chinese or English speaking user and to view screens and develop reports in the appropriate language.
Lloyd's has also purchased a global licence from internet trading service RI3K that enables business to be placed in an efficient, cost-effective and secure manner.
In addition to this, the Shanghai office will make full use of the London Market's Insurers' Market Repository – an electronic filing cabinet that enables claims and premiums to be handled quickly and efficiently without the need for paper files.
RI3K's paperless environment will enable underwriters in Lloyd's reinsurance operation in China to exchange information electronically with underwriters in London, speeding up the service to brokers and cedants in China.
As part of the deal, Lloyd's has also negotiated a license that enables the market to use RI3K's internet service to write and place business in other territories.
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