The 42nd United Nations CEFACT (Centre for Trade Facilitation and Electronic Business) Forum was held in Palais des Nations in Geneva, Switzerland on the week of June 3rd with more than 150 experts gathering from around the world.

Those working on trade facilitations from industries such as shipping, freight forwarding, logistics, banking, customs and traders attended along with myself representing IUMI/Tokio Marine.

“Data standards” are the key in order to transform the current trade document exchange into trade data exchange. The data exchange workflow can only be built upon data standards that are agreed on an international basis. UN CEFACT is working on this data standardisation by facilitating and coordinating industries and countries.

While the UN CEFACT is focused on the technical aspects of data standards and workflows, the International Chamber of Commerce (ICC) is working on changing the documents into data exchange and focusing more on promotion. The ICC coordinates multiple industries in order to expedite digitalisation in trade.    

During the UN CEFACT forum I had an opportunity to explain the unique situation of our industry such as brokers issuing certificates on behalf of insurers; and I also explained that our industry is eager to catch up.   

The Japanese delegates of UN CEFACT prepared the draft BRS (business requirement specification) for the cargo insurance data process in a UN format and this has been submitted to the bureau for review. Once this draft BRS is approved by the UN CEFACT bureau, I will circulate the draft to IUMI member associations for recommendations.         

We are only taking the first step but it is a big step for the digitalisation of cargo insurance.