TRACE ISYS LAUNCH A UNIQUE ELECTRONIC MESSAGE MANAGEMENT SERVICE FOR COMMERCIAL INSURERS AND BROKERS

21st July 2006

Trace Isys announce the launch of their new managed messaging service aimed at commercial insurers and brokers. This service is targeted at organisations who wish to trade with each other electronically using ACORD message standards.

Trace Managed Messaging Service (TMMS) is the first complete solution to the electronic data exchange requirements of the commercial insurance and broking industry, offering both a gateway in the traditional sense and an outsourced service. It includes the infrastructure, all equipment, specialist software and technology, as well as the operational services to implement and maintain it.

Already live for the Electronic Claim file (ECF) initiative, TMMS will be carrying G6 and A&S payloads by the end of July. While these applications are currently, London based the service is international and is capable of carrying any type of message anywhere.

Connel Torley, Managing Director, Trace Isys: ‘Trace Managed Messaging Service is the first service of its kind in this market place for ACORD messages. Our aim is to considerably reduce both the technical and financial barriers that currently exist to electronic trading. We believe by doing this it will encourage much wider participation in market initiatives in this industry than had previously been possible to the benefit of all parties.’

Notes:

ACORD
The US based message standards organisation whose mission is to facilitate the development of electronic message standards for the insurance and reinsurance industry

G6
Group of six Lloyd’s managing agents who are currently implementing peer to peer electronic trading based on ACORD standards

ECF
Electronic Claims File is the initiative aimed at document sharing and repository support for London Market claim agreement

A&S
Accounting and Settlement is the market initiative with the ultimate aim of replacing the current paper based settlement systems with ACORD based messages.

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