Willis Limited, the principal UK broking company of global insurance broker, Willis Group Holdings plc (NYSE:WSH), has successfully launched a full electronic accounting process with the London-based operations of Zurich Global Corporate UK , a leading global insurer, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited).
The announcement demonstrates continued momentum in the adoption of e-Accounting in the London Market. This is Willis’ fourth major implementation during the last 14 months and follows the launch with Generali last week. Both Willis and Zurich are members of the LMG Non-Bureau Working Group, part of the London insurance industry modernisation initiative to reduce paper-based transactions and to improve accounting and settlement performance.
Kevin Ahern, Managing Director of Accounting & Settlement for Willis Limited, said: “E-Accounting and sending standard ACORD messages will improve data integrity, reduce queries, re-work and unmatched cash, and improve reconciliation and settlement turnaround. We look forward to realising the benefits with Zurich and we continue to work with other carrier partners and hope to be able to report on further roll-outs shortly.”
Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “This successful collaboration with Zurich is a testament to the skills and determination of both teams. Willis will continue to roll-out e-Accounting with London Market Non-Bureau Working Group members and global carriers to drive efficiencies and improve service and we welcome interest from other companies.”
Rosario Esposito, Operations Director and Head of Underwriting Services for Zurich Global Corporate UK, said: “We are pleased to have partnered with Willis in implementing this initiative. It is one of a number of activities that will help us work more closely with our brokers, and therefore improve the service to our customers. At the same time, we will achieve greater transparency in our transactions with Willis. We are keen to develop our capabilities in this area as we continue to improve our efficiency, and look forward to further e-Accounting implementations.”