Xchanging, the business process, procurement and technology services provider, and partner Deutsche Bank, one of the world’s premier global banks, have jointly announced the names of key clients who have confirmed their participation in pilots of the pioneering Netsett platform.
In an unprecedented move that follows the formal launch of Netsett in the UK last week, the team announced that Willis, Cooper Gay Swett & Crawford (CGSC) and Ruschlikon UK members, ACE, XL Group and Generali will participate in pilots of the Netsett platform to demonstrate the value of trading between companies, also known as inter-company processing.
The team additionally announced the signature of a Letter of Intent with one of the world’s top three global insurers, to pilot the Netsett global platform in five business units across three continents- North America, Asia and Europe – an intra-group pilot similar to that successfully undertaken by RSA during 2013.
The Netsett platform, originally launched as a concept in late 2012, provides global accounting and net settlement using structured data to enable the exchange and settlement of accounting information automatically and efficiently. The RSA pilot demonstrated significant benefit to the company, halving both the number of steps involved and the number of people who touch each transaction, reducing the settlement cycle from six weeks to two weeks, cutting bank charges and reducing the payment workflow process by 80 percent.
Speaking at the Rendez-Vous de Septembre in Monte Carlo yesterday Max Pell, Managing Director, Xchanging Insurance Services, comments: "Firstly I want to thank RSA for the focus and dedication employed in realising the benefits through the pilot, and for their continued support as they deploy across additional divisions. We are now delighted to welcome such a host of reputable market names to the Netsett platform; their confidence in Netsett’s abilities highlights the strength of the proposition.
"We recognise how important it is to work with the insurance sector, and to provide solutions that address its specific needs. Netsett is a prime example of this. We have used our expertise within the London market, and taken this out to a global audience – replicating some elements of the Bureau to bring the benefits of enhanced cash liquidity and operational cost savings to the international insurance market."