(Lotus assembly line. Photo credit: Brian Snelson.)
Willis Group Holdings (London) has become the first e-Accounting partner in the US for XL Group’s (Dublin) insurance operations and has successfully implemented a full e-Accounting process, using ACORD data messages and standards and Rüschlikon best practices, according to an XL Group statement.
E-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with re/insurance companies. The process is designed to significantly improve client service by enhancing the quality and efficiency of the accounting and settlement process through improved synchronization. E-Accounting was created through the Rüschlikon Initiative, a joint effort by a group of global re/insurance companies, working with ACORD, to further automate re/insurance back office processes (e.g., technical accounting, claims and settlement) using ACORD RLC Re/insurance and Large Commercial standards.
“This latest collaboration represents a significant expansion in the adoption of e-Accounting globally for XL Group and we think that it further demonstrates our commitment to innovation in the industry,” comments Markus Stiefel, Head Global Operations Property & Casualty at XL Group’s Insurance operations. “At the heart of the Rüschlikon initiative is an ambition to drive things forward and make improvements to processes, to ultimately reduce operational cost and enhance client service.”
Richard Brame, Head of Accounting Settlement at Willis, characterizes the extension of e-Accounting into North America as a “massive step forward,” within a wider initiative to help to drive efficiencies and improve service with partners around the world. “XL Group has been a pioneer in this respect, one of our first partners on a global basis, and we are both expanding our connections worldwide,” Brahme comments.