Insurance market Lloyd's is using Xchanging's processing software Genius as its core reinsurance system in China, in a bid to increase efficiency for its users.

The software will enable users to log on as either a Chinese or English speaking user and to view screens and develop reports in the appropriate language. Lloyd's has also purchased a global licence from internet trading service RI3K that is designed to deliver efficient, cost-effective and secure business operations.

In addition to this, the Shanghai office will make full use of the London Market's Insurers' Market Repository - an electronic filing cabinet that enables claims and premiums to be handled quickly and efficiently without the need for paper files.

RI3K's paperless environment will enable underwriters in Lloyd's reinsurance operation in China to exchange information electronically with underwriters in London. RI3K said that this will speed up the service to brokers and cedants in China. As part of the deal, Lloyd's has also negotiated a licence that enables the market to use RI3K's internet service to write and place business in other territories.