NU Online News Service, November 1, 2:55 p.m. – AgoraINS, Chicago, has announced the introduction of Agora Interchange, providing reinsurance administration clearinghouse services for direct writers and reinsurers.
“Direct writers and reinsurers do not share policy administration information very efficiently,” says Carol Sullivan, vice president, operations, at AgoraINS. “The reinsurers spend a lot of effort translating their business partners’ data into formats they can use. Agora Interchange gives companies back valuable resources.”
Reinsurers have expressed concerns about the high cost of managing incoming records that total into multiple million dollars for the industry, according to AgoraINS. At the same time, direct writers have been reluctant to adopt costly standardized communication technology such as EDI.