It has been in used with the US reinsurance market since 1998 and by European reinsurers since 2002. Now it is Bermuda's turn.

An innovation in the electronic transfer and storage of documents and files that eliminates the need for re-keying of information, such as when an insurance application is sent from a broker to an underwriter, is being introduced to the Island.

And London firms that have either relocated to Bermuda or set up on-Island operations - and have already experienced the benefits of the EnabledB2B gateway system in Europe - are leading the way.

Having already seen the benefits of the system, which reduces the possibilities of error, lost documents and saves time by doing away with the need for re-inputting of data, a handful of insurance/reinsurance operators with a presence in Bermuda are piloting the technology here.

James Willison, managing director of London-based WebConnectivity, is making a further visit to the Island this week to explain and promote the concept amongst company executives.

The prospect of losing a competitive edge to rivals already benefiting from time and cost savings could prove the impetus that sees Bermuda embrace the electronic messaging system.

"We've a couple of Bermuda companies who are using it. Conceptually no-one has a problem with it," said Mr. Willison.

The duel presence London/Bermuda firms who are paying for and using the system in the UK are beginning to incorporate it into their Bermuda operations, he reports.

Simply explained, the system allows the electronic transfer of business data and documents between broker and underwriters, supporting endorsement, accounting, settlement and claims messages and also providing document repository.

It utilises the universally accepted ACORD standard messages.

As an example a broker can key in a clients details and application and send it across the gateway system to multiple underwriters who will be able to access the details from the universal standard format without needing to re-key all the details - as is the process when non-compatible systems, or simple emailing, is used.

By doing away with repeated re-inputting of data the potential exists for companies to streamline their back office operations and more quickly expand their operational capacity, explained Mr. Willison.

"When companies want to expand with more underwriting they would not need to worry about upping the head count in their back office," said Mr. Willison.

The gateways are installed within a company's firewall and the ACORD standards are updated every six months.

WebConnectivity provides the full maintenance service that takes care of the updates and running of the system for a company.

It is possible for companies to create their own gateway version but it costs money and, as Mr. Willison notes, of four who did so in London two have since decided to switch to WebConnectivity.

Eighteen months ago there were only three companies in London using the system, today there are 25.

Mr. Willison said: "It allows Bermuda to talk to London, New York and others globally much easier.

"It is scalable. We have seen it grow in use exponentially in London and now we have a couple of firms trying it out here. Having done well in London we are seeking to diversify our markets. There is a fair amount of cross fertilisation between the London and Bermuda markets."

Further information on the system can be found at www.webconnectivity.co.uk or email james.willison@webconnectivity.co.uk