Recently-launched joint venture Lime St Xchange is targeting the short-term insurance sector with its data exchange offering.
The venture, formed by management and staff at Ovations and Knowledge Dimension, was launched this week. It offers a system developed by TriSystems over the past 10 years in the UK market.
Lime St Xchange sales and marketing director Craig Leppan says currently there is not a “great flow” of information as data is still exchanged manually or through e-mail. This slows down information sharing and limits the sector's ability to react, he says.
Leppan explains international insurance companies are now exchanging client information, such as policies and claims, in accordance with an insurance standard called Acord.
TriSystems international sales director Kevin Stilwell says the solution aids brokers and insurance companies in retrieving data stored under the Acord standard. He says TriSystems acts like a network in the middle.
TriSystems has spent about R50 million in the last six to seven years on product development and currently has 35 London-based insurance companies and a “host” of brokers as clients.
Leppan explains that Lime St Xchange is a hosted platform that takes data, maps it and offers a switching service so that it can be shared in real-time. He says it is more efficient and trims risk.
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