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.
Agora Interchange allows reinsurers to receive data in a consistent format, the company claims. It accepts reinsurance administration transaction information from direct writers in a variety of record forms and formats and converts it into each reinsurer’s preferred record format, which can include ACORD XMLife or custom formats, the company says.
The product eliminates redundant mapping at each reinsurer, says AgoraINS, and allows direct writers to change their record layout with only one notification to Agora.
The new clearinghouse services are available for life and disability income reinsurance administration, the company says. AgoraINS also provides a service to facilitate facultative life and disability income applications, an automated document upload product and specialized workflow and system integration services.