At ACORD's recent 16th annual awards ceremony in Florida, XL Re for the fifth consecutive year was recognized as an insurance industry leader for the innovative application of eCommerce technology and standards focused on enhancing client service and improving operating efficiency. XL Re was awarded the Innovative Implementation Award and the International Implementation Award for XL Re’s global eCommerce capabilities. ACORD also recognized XL Re for its Leadership in ACORD Standards Strategy and Governance for XL Re’s commitment and approach to the implementation of RLC (Reinsurance and Large Commercial Lines) standards.
James H. Veghte, Chief Executive of XL Re, said: “These awards are a testament to the work that XL Re has accomplished with the implementation of our global reinsurance platform which has full eCommerce capabilities and is targeted for final implementation in London later this year.
“The more we move towards standardized business processes globally using common systems and leveraging eCommerce where markets provide it, the more efficient we become and the more benefit we can provide to clients and our shareholders.”
XL Re Executive Vice President and Chief Financial Officer John Hume added: “In this environment, it is especially encouraging that work continues apace on ‘industrialization’ of standards within our operations to ensure that we are equipped to deliver faster and more efficiently more reliable data, better aligned to our business.”
ACORD Chief Executive Officer Greg Maciag said: “XL Re has long been a leader in helping to develop industry standards and the most advanced when it comes to implementing standards. They are an outstanding role model for the reinsurance industry and are truly paving the way for all their trading partners. XL Re is a leading-edge organization and the recognition is well deserved.”
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. ACORD works with these organizations towards a goal of improved data communication across diverse platforms through implementation of standards. ACORD maintains offices in New York and London.
About XL Re
XL Re is the global brand used by XL Capital Ltd’s reinsurance operations. The XL Re companies have more than 350 employees in 11 countries. More information about XL Re companies is available at www.xlre.com. Through its operating subsidiaries, XL Capital Group is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.