Aon Risk Solutions, the risk management business of Aon Corporation, and ACE have today announced the successful implementation of Rüschlikon accounting and settlement standards via The Exchange.
The move takes the London market’s e-capabilities a large step forward into the global marketplace with Aon and ACE implementing the international Rüschlikon accounting and settlement standards, via The Exchange for the notification and settlement of insurance premiums and claims on business outside the bureaux.
The Rüschlikon initiative is a working group of global insurance and reinsurance industry organisations who work together to define and implement international business rules for processing insurance and reinsurance transactions using ACORD standards.
Ian Summers, CIO for Aon Risk Solutions, explains, “With the addition of accounting and settlement messaging using the Rüschlikon rules, The Exchange now supports the life cycle of the insurance transaction process; e-placement through e-endorsements, premiums and claims. Aon has worked with its trading partners to develop the business processes and standards now available internationally which position this key piece of the London Market’s infrastructure on the Global map”
Peter Houston, ACE head of operations for UK and Ireland, said “ACE is pleased to have partnered with Aon on this initiative which will further improve current accounting practices for all parties, particularly our clients due to faster settlement times and enhanced service standards. ACE see a significant opportunity to extend these settlement and accounting benefits to the wider market already connected to The Message Exchange platform and to continue our drive to improve operational performance."
This eAccounting solution gives the entire UK and international market, brokers and carriers, the opportunity to automate premium and claim processes administered outside of the London bureaux, with quicker settlement times and greater security.