The London-based operations of insurer XL Group and UK based insurance broker Willis have launched a full electronic accounting process between the two companies, using the new ACORD 2010.2 data standard.
Willis said this project follows the recent success with ACE, which went live with full e-Accounting in August 2011 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.
Willis executive director and business lead for e-Accounting roll-out Graham Card said the roll-out of e-Accounting as a means to drive efficiencies and improved service continues, only this time Willis implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents.
XL Insurance -CPO regional manager international P&C Simon Squires said the e-Accounting process allows the firm 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," Squires said
Willis is one of the founding members of the Ruschlikon initiative, and both Willis and XL Group are members of the LMG’s Non Bureau Working Group.