The announcement comes a few weeks after Willis and ACE went live with full e-Accounting in August and forms part of an ongoing London insurance industry modernisation initiative by the London Market Group (LMG) to reduce paper-based transactions and to implement e-Accounting across the market.
Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “Our roll-out of e-Accounting as a means to drive efficiencies and improved service continues, only this time we have implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents. We are confident that the enhancements in the process will reduce queries and re-work, delivering benefits for both brokers and carriers in the future.”
Kevin Ahern, Head of Accounting & Settlement for Willis Limited, commented: “XL have been enthusiastic partners in this work and like Willis, were able to deploy a skilled team to ensure a successful implementation and ongoing benefit for both companies. This project follows our recent success with ACE and demonstrates once again the value of the ‘Willis Repeatable Model’ for e-Accounting implementation. We continue to work with other carrier partners towards further roll-outs and welcome interest from other companies.”
Simon Squires, XL Insurance - CPO Regional Manager International P&C, and the XL representative on the LMG Non-Bureau Working Group said, “The XL Group companies are delighted to have worked in close collaboration with Willis on such a successful project. This system has redeployed technology pioneered by XL Re and XL London Market Limited reflecting our innovative approach to modernisation. The e-Accounting process allows us to process all risks, including complex propositions using the new ACORD 2010.2 standard. This results in faster, more effective and higher quality data which significantly enhances the settlement process but with lower administrative costs.”
Willis is one of the founding members of the Rüschlikon initiative and both Willis and XL Group companies are members of the LMG’s Non Bureau Working Group (see notes to editors below for more information).
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.
About XL Insurance:
XL Insurance is the global brand used by XL Group plc's insurance companies offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.
XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks. XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. Its principal offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com
Notes to Editors:
The Rüschlikon initiative is driven by a group of leading global (re)insurance players, together with ACORD, to further automate (re)insurance back office processes (technical accounting, claims, settlement) using ACORD RLC (Re)insurance and Large Commercial) standards. The Rüschlikon Initiative’s mission is to reshape the (re)insurance industry, through the design and implementation of processes that reduce operational cost and enhance client service The initiative membership is currently made up of Willis, Swiss Re, Munich Re, Scor, Hannover Re, Axis Re, Guy Carpenter and Aon Benfield working together with ACORD.
About London Market Group (LMG) Non Bureau Working Group:
The Rüschlikon Initiative has also influenced London Carriers with the formation of the London Market Group’s (LMG) Non Bureau Working Group which includes representatives from Willis, ACE, Chartis, Chubb, RSA, XL, XL Re and Aon Benfield. The group is supported by the LMG Secretariat and ACORD.
e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process.