XL Re’s global IT reinsurance platform presents the first opportunity for a London Market reinsurer to operate business using the ACORD messages. It will be used for claims, accounting, cash management and the supporting documentation.
Mark Berry, General Manager London Branch for XL Re Europe, said “The successful rollout of a single IT platform and implementation of ACORD messaging standards across our network ensures XL Re maintains its lead in global eCommerce capabilities. XL Re’s global transactional system enables a quick and consistent flow of accurate information, providing us with the agility to respond effectively and efficiently to an ever changing business environment. This includes major efficiencies in delivering management information for client- facing operations as well as the dissemination of financial data for internal and external reporting.”
Greg Maciag, CEO of ACORD added that; “XL Re has always been on the leading edge of change. Leveraging a single and global reinsurance platform, XL Re continues to make strides in this increasingly electronic marketplace. Being the first to go live with the ACORD claim message standard with Xchanging in the London Market is yet another milestone in what has been a remarkable journey for their team. XL Re exemplifies the true meaning of innovation and vision and are now well positioned to take advantage of eCommerce messaging in any market.”
John Masters, Xchanging's UK Technology Director commented: "XL Re is to be congratulated on leading the implementation on ACORD4ALL in the London Market. We have worked closely with XL Re and WebConnectivity, our strategic partner for ACORD messages, on this initiative and I am delighted at the progress that has been made. This illustrates how committed Xchanging and the London Market are to adopting the ACORD international messaging standards."
Over the last five years XL Re has reduced the number of reinsurance IT systems, inherited through acquisitions, from 11 to one. Benefits of a single global operating platform include reductions in processing, improved data quality and quicker, more efficient access to information, the project was delivered on schedule and to budget.
About XL Re
"XL Re” is the global brand used by XL Capital Ltd’s reinsurance operations. The XL Re companies have more than 350 employees in 11 countries. More information about XL Re companies is available at www.xlre.com. Through its operating subsidiaries, XL Capital Group is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit standards development organization serving the insurance industry and related financial services industries. ACORD’s mission is to facilitate the development of open consensus data standards and standard forms. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and industry associations worldwide. ACORD works with these organizations towards a goal of improved data communication across diverse platforms through implementation of standards. ACORD maintains offices in New York and London.