The plan is for the electronic transfer of risk data between
companies to replace the large quantities of paper currently
required at each stage of the insurance process – most of which
repeats information already held.
The platform aims to enable insurance underwriters - the
professionals who assess each insurance risk and agree a premium to
accept the risk - to improve their daily working practices by
giving them better accuracy and timeliness of incoming data,
increased time to analyse risks and better exposure management.
Brokers - the professionals who place risks on behalf of the
insured - can benefit from a reduction in time-consuming
administration processes and reduced errors and omissions.
Baltimore Technologies is providing web access control and
authorisation for the venture. Using the company's SelectAccess,
individual brokers and underwriters will be able to authenticate
themselves to the platform and gain access to specific resources
based on their individual rights and entitlements.
International insurance brokers Marsh and Willis and four major
London-based insurers (ACE European Group, Amlin, Beazley and
Wellington) recently became the first to sign letters-of-intent to
use the system.
It is likely that Kinnect will become operational in the third
quarter of this year.
