Aon Corporation's risk management business Aon Risk Solutions and ACE have implemented Ruschlikon accounting and settlement standards via The Exchange.
The implementation will augment London market’s e-capabilities and will allow for the notification and settlement of insurance premiums and claims on business outside the bureaux.
The Ruschlikon initiative is a working group of global insurance and reinsurance industry organisations who work together to define and implement international business rules for processing insurance and reinsurance transactions using ACORD standards.
Using Ruschlikon eAccounting solution, the entire UK and international market, brokers and carriers will be able to automate premium and claim processes administered outside of the London bureaux, with quicker settlement times and greater security.
Aon Risk Solutions CIO Ian Summers said with the addition of accounting and settlement messaging using the Ruschlikon rules, The Exchange now supports the life cycle of the insurance transaction process; e-placement through e-endorsements, premiums and claims.
"ACE see a significant opportunity to extend these settlement and accounting benefits to the wider market already connected to The Message Exchange platform and to continue our drive to improve operational performance," Summers said.