XL Group and Willis - the first commercial insurance trading partners to join e-Accounting in the US
New York - December 29, 2014
Willis Group Holdings has become the first e-Accounting partner in the US for XL Group’s insurance operations and has successfully implemented a full e-Accounting process, using ACORD data messages and standards and Rüschlikon best practice. E-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with re/insurance companies. Through better synchronization between brokers and re/insurer, the online system significantly improves client service by enhancing the quality and efficiency of the accounting and settlement process. E-Accounting is supported by ACORD, the Association for Cooperative Operations Research and Development, which is the insurance industry's nonprofit standards developer and a resource for information on object technology, electronic data interchange, and electronic commerce. The driving force behind e-Accounting is the Rüschlikon Initiative, a group of leading global re/insurance companies, which together with ACORD, work to further automate re/insurance back office processes (technical accounting, claims and settlement) using ACORD RLC Re/insurance and Large Commercial standards. Markus Stiefel, Head Global Operations Property & Casualty at XL Group’s Insurance operations said: “This latest collaboration represents a significant expansion in the adoption of e-Accounting globally for XL Group and we think that it further demonstrates our commitment to innovation in the industry. At the heart of the Rüschlikon initiative is an ambition to really drive things forward and make improvements to processes, to ultimately reduce operational cost and enhance client service.” Richard Brame, Head of Accounting Settlement at Willis, added: “Willis is a recognized leader in e-Accounting. Extending this offering into North America is a massive step forward and is part of a wider initiative to help to drive efficiencies and improve service with partners around the world. XL Group has been a pioneer in this respect, one of our first partners on a global basis, and we are both expanding our connections worldwide.”Notes to Editors: About Willis Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our Website, www.Willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WilllisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world. About XL Group plc’s Insurance Operations XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance. About XL Group plc XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries. About Rüschlikon: The Rüschlikon initiative is driven by a group of leading global (re)insurance players, together with ACORD, to further automate (re)insurance back office processes (technical accounting, claims, settlement) using ACORD RLC (Re)insurance and Large Commercial) standards. The Rüschlikon Initiative’s mission is to reshape the (re)insurance industry, through the design and implementation of processes that reduce operational cost and enhance client service The initiative membership is currently made up of Willis, Swiss Re, Munich Re, Scor, Hannover Re, Axis Re, Guy Carpenter and Aon Benfield working together with ACORD. About e-Accounting: e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers. Through better synchronization between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process.