Media
Xchanging and RI3K: XPressCheck accelerates London Market towards Contract Certainty
13 Sep 2005
Xchanging and RI3K have announced an initiative to allow early checking of contracts on-line. The early checking service, XPressCheck, will allow subscriber reinsurers to have their reinsurance policy wordings checked on-line by Xchanging prior to being signed.
“XPressCheck will be a crucial element in the effort to meet the FSA challenges for Contract Certainty”, says RI3K Chief Executive, Alex Letts. “RI3K already captures and delivers evidence of the reinsurance transaction in a standard format which is crucial for Contract Certainty. Contract Certainty will be further enhanced through approved slip wordings checked by Xchanging being delivered to subscribers prior to inception.”
“This joint initiative will give impetus to Contract Certainty which is designed to reduce the operational and legal risks to brokers and reinsurers whilst improving service levels through speedier processes and improved visibility. It will enhance transparency and support the competitive position of the London Market”, says Roger Townsend, an Executive Director of Xchanging.
“Contract Certainty is a global issue”, adds Townsend. “Providing the Market with confidence in the proposed policy wording at the earliest stage, is key to achieving the goals of Contract Certainty. The use of XPressCheck is an excellent way of delivering this.”
XPressCheck will be available for any contracts on the RI3K service from December 2005. Users can subscribe to XPressCheck by contacting Xchanging.