Scyllogis Consulting, the specialist insurance data management consultancy, has developed E-ffikacy, a new straight through e-accounting software application, which allows insurers and brokers to exchange messages electronically, up to 80% more efficiently than the mainly manual processes used by most carriers today.
Scyllogis created E-ffikacy for the Endurance Specialty Holdings Ltd. group of companies, to enable the processing of Technical Accounts (TA) and Financial Accounts (FA) information with brokers, using innovative ACORD-compliant technology.
Scyllogis’ Director Colin Whickman, said "E-ffikacy meets the needs of insurers who are looking for a scalable and efficient method of receiving ACORD messages from brokers, which will integrate effortlessly with their existing systems, replacing the MMT."
The existing, manually intensive, e-accounting methods to process TA and FA messages through the ACORD gateway can involve up to 12 different manual inputs.
By using E-ffikacy, TA and FA reconciliation, cash entry and cash matching, is now completed automatically. As a result, manual processing can be expected to be reduced by up to 75% for TA messages and up to 95% for FA messages.
"The existing systems that carriers use to process TA and FA information are extremely time-consuming, requiring multiple manual processing, which also increases the possibility of error," continued Mr. Whickman. "E-ffikacy, which Scyllogis designed for Endurance, increases the overall efficiency of the accounting and settlement process by an estimated 80%."
"The feedback we have been receiving from the market has been extremely positive and other insurers we have spoken to have been exceptionally impressed by the benefits E-ffikacy can deliver, and eager to know more."
Simon Minshall, Endurance Deputy Chief Financial Officer, said: "Having a straight through system connecting brokers to our back office has significantly improved the efficiency of our business. It is critically important to our business that we can exchange ACORD-compliant messages with our broking partners and Effikacy, delivered by Scyllogis, allows us to do this in a way that dramatically reduces the amount of manual processing, leading to reduced errors, and a marked improvement in our overall efficiency."