The London-based operations of XL Group plc, a leading global insurer, and Willis Limited, the principal UK broking company of global insurance broker Willis Group Holdings plc on Monday announced the successful launch of a full electronic accounting process between the two companies, using the new ACORD 2010.2 data standard.
The announcement comes a few weeks after Willis and ACE went live with full e-Accounting in August and forms part of an ongoing London insurance industry modernisation initiative by the London Market Group (LMG) to reduce paper-based transactions and to implement e-Accounting across the market.
Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “Our roll-out of e-Accounting as a means to drive efficiencies and improved service continues, only this time we have implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents. We are confident that the enhancements in the process will reduce queries and re-work, delivering benefits for both brokers and carriers in the future.”
Kevin Ahern, Head of Accounting & Settlement for Willis Limited, commented: “XL have been enthusiastic partners in this work and like Willis, were able to deploy a skilled team to ensure a successful implementation and ongoing benefit for both companies. This project follows our recent success with ACE and demonstrates once again the value of the ‘Willis Repeatable Model’ for e-Accounting implementation. We continue to work with other carrier partners towards further roll-outs and welcome interest from other companies.”
Simon Squires, XL Insurance -CPO Regional Manager International P&C, and the XL representative on the LMG Non-Bureau Working Group said, “The XL Group companies are delighted to have worked in close collaboration with Willis on such a successful project. This system has redeployed technology pioneered by XL Re and XL London Market Limited reflecting our innovative approach to modernisation. The e-Accounting process allows us to process all risks, including complex propositions using the new ACORD 2010.2 standard. This results in faster, more effective and higher quality data which significantly enhances the settlement process but with lower administrative costs.