The London-based operations of insurance company ACE and UK-based insurance broker Willis have launched a full electronic accounting process between the two companies.
A London Market Group (LMG) sponsored Non Bureau project first, the new service, ACE says is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and will replace paper in the accounting and settlement process.
Willis claimed e-Accounting will allow the company and carriers to synchronise their operations and improve client service, offering prompt advice of premium and claims due, enabling simpler reconciliation.
Other implementation benefits include improved settlement cycle resulting in speedier premium and claim settlement, secure exchange of critical closing and settlement information and reduction in queries and early query resolution.
Willis is one of the founding members of the Ruschlikon initiative, and both Willis and ACE are members of the LMG’s Non Bureau Working Group.