Global insurance compliance database on schedule for 2014 launch

Airmic’s planned database of international insurance requirements is on course, with an announcement on who will provide the service likely to be made in the autumn. The association has whittled down the number of potential service providers to two firms, Axco and Zurich, and has been having detailed discussions with them both.

Airmic issued a Request for Proposal (RfP) earlier this year on behalf of Aon, Marsh and Willis, who are all actively supporting the project. Chief executive John Hurrell said he was delighted by the choice of providers available, and the range and quality of the responses received. He said the two remaining firms had produced high-quality, imaginative proposals, based on established expertise in this area. 

The aim is to have the new service up and running by the end of 2014.

Although Airmic launched the initiative in response to demand from its members, the idea is that it should eventually become a facility for the whole market, including risk managers, brokers and insurers both inside and outside the UK. The association is in close communication with FERMA and RIMS, who continue to show strong interest in the project.

Furthermore, once the idea of providing a market database has been shown to be workable, there is no reason why it should be limited to compliance information.

“I would like to thank Zurich and Axco for their tremendous work,” said Hurrell. “Both companies have understood and bought into what we are trying to achieve, and we are excited by their proposals. In summary, we are not going to rush things, but are confident that the project is on course for going live next year.”   

A survey of Airmic members in 2011 found the need for global compliance to be one of their two ‘stay awake at night’ issues.

John Hurrell - excited by the proposals