Posted on 30 Aug 2011
The London-based operations of ACE, a leading insurance company, and Willis Limited, the UK insurance broker, announced the successful launch of a full electronic accounting process between the two companies - a London Market Group (LMG) Non Bureau project first.
e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and replaces paper in the accounting and settlement process.
e-Accounting substantially improves the quality, integrity and certainty of process, allowing Willis and carriers to synchronise their operations and improve client service. Implementation benefits include:
• prompt advice of premium and claims due, enabling simpler reconciliation
• improved settlement cycle resulting in speedier premium and claim settlement
• the secure exchange of critical closing and settlement information
• reduction in queries and early query resolution
Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “London Market modernisation has long advocated the elimination of paper from the process and the introduction of electronic accounting. This is a major reform that will show benefits for both parties in the future.”
Kevin Ahern, Head of Accounting & Settlement for Willis Limited, commented: “Our work with ACE has been a true collaboration -we were able to deploy a skilled implementation team, using our comprehensive repeatable model, to ensure ongoing benefit for both companies. This market first went from concept to implementation in seven months and lays the foundation for further implementations with other carrier partners in the near future.”
Peter Houston, Head of Operations for UK and Ireland, ACE European Group said, “ACE are continually looking at ways to improve service to clients, making payment of premium easier and payment of claims faster. e-Accounting and closer collaboration with our clients will enable ACE to achieve this.
“This project with Willis has been a great success with a real sense of partnership, and ACE is looking forward to working with Willis to expand the use of e-Accounting capabilities further with our clients and the wider market through the LMG sponsored Non Bureau project.”
Willis is one of the founding members of the Rüschlikon initiative and both Willis and ACE are members of the LMG’s Non Bureau Working Group, of which this implementation is the first (see notes to editors below for more information).