Simon Squires - CPO Regional Manager International P&C, and the XL representative on the LMG Non-Bureau Working Group said, “We are delighted to have implemented this revolutionary solution with Aon, having worked closely with the team over the last few months. The e-Accounting system uses processes pioneered by the Ruschlikon initiative in Europe and already adopted by the US reinsurance arm of XL. We redeployed existing technology used to support electronic placement to continually drive the reduction of paper-based transactions in the market.”
XL’s vision is for all their brokers to adopt this technology. With the message exchange (TMEL) in the centre of the process we gain a single entry point and simplified way of doing business with all of our partners. The Acord standards facilitate and drive consistency for all parties.
Barry Le Page, Business Project Manager at AON said “We have worked closely with XL and The Exchange to deliver a process that will speed up the settlement process. Adopting Acord messaging will enable us to provide a quicker and more effective service to our clients. This product is one of the most innovative solutions to faster settlement in the market today and we hope this development will encourage others to work with us in the near future.”
e-Accounting processes premiums and claims technical and financial accounting data for all risks electronically, with even complex propositions handled by the latest ACORD standards. The system reduces queries and streamlines the transaction process. This results in faster, more effective and higher quality data, significantly enhancing the settlement process while lowering administrative costs.