The world’s major insurance companies are working together to reduce their carbon footprint by agreeing upon an industry standard for paperless transactions.

Interbank co-operative Swift has been appointed to develop an electronic platform for transmissions between insurers, brokers and reinsurers.

Major players in the insurance industry, including Swiss Re, Munich Re, Scor, Benfield, Aon and Willis, have signed up to the initiative, which has the backing of global insurance standards organisation Acord.

Swift’s appointment to create the platform comes after a year of planning and negotiations.

In 2007 a consortium of insurance companies set up the Ruschlikon Initiative with the aim of reducing the industry’s paper trail.

Swift joined the consortium in January 2008, and was appointed this week to develop the industry standard for electronic transactions.

The new platform is expected to launch in Spring 2009, and will be trialled for a year before being implemented across the insurance industry.

Peter Arbenz, Swiss Re’s representative on the Ruschlikon Initiative, said Swift’s track record of reducing costs in the banking industry sets them in good stead to do the same for the insurance industry.

He added that the partnership between Swift and Acord provides ‘all the ingredients’ needed to find the best possible solution for reducing the industry’s paper output.

Gottfried Leibbrandt, Swift’s Head of Markets, said his company is ‘delighted’ to be chosen to head up the project.