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Willis Recognized for Insurance Market Modernization Drive at ACORD Awards Ceremony

Posted on 10 Nov 2011

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In recognition of its e-Accounting implementation achievements and contribution to London Market Reform, Willis Group Holdings, the global insurance broker, picked up three awards at the recent 18th annual ACORD Awards ceremony, held in Fort Lauderdale, Florida.

The ACORD Awards recognize achievements in ACORD data standard implementations. Willis’ success highlights their leadership in electronic accounting and insurance market modernization, and also acknowledges the effectiveness of the “Willis Repeatable Model”, a comprehensive phased approach to successful broker/carrier e-Accounting implementation.

Willis received recognition for its ACORD Reinsurance and Large Commercial (RLC) Leadership and ACORD Volume of live RLC Transactions, while Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, received the “Outstanding Volunteer” award for his exceptional personal contribution to ACORD standards.

In 2010, Willis embarked on a program of electronic accounting implementation with key carriers, starting with Swiss Re and SCOR. In support of this work Willis developed the “Willis Repeatable Model” which ensures successful implementation and benefit realisation. This initiative reached fruition with recent announcements that Willis has implemented full e-Accounting processes with XL and ACE respectively, the latter of which was a London Market Group (LMG) Non Bureau project first.

Graham Card is Willis’ representative on the Rüschlikon Steering Group – a cross-industry panel focused on the automation of (re)insurance back office processes. Card is also the Chairman of the Rüschlikon Business Implementation Group and has been active in promoting ACORD and e-Accounting globally with carriers.

Commenting on the awards, which Willis won on November 3, Card said, “For a number of years Willis has advocated the move away from paper to e-Accounting, so it’s fantastic that we have been recognised in this way. To pick up three awards is testament to the hard work of our team here at Willis.”

Simon Gaffney, Managing Director, Global Corporate, said, “We’re very proud of our achievements in London Market Reform, taking standards and implementing them. We look forward to working alongside the relevant parties to continue the drive towards electronic processing to enhance efficiency.”

Lloyd Chumbley, Vice President, Standards, ACORD, added: “On behalf of ACORD, I want to congratulate Willis on receiving three 2011 ACORD Awards. We thank them for their ongoing commitment to the implementation of ACORD standards, for their leadership, and for their advocacy of ACORD standards across the global marketplace.”

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.