XL Re, Bermuda-domiciled reinsurance subsidiary of XL, has teamed up with Aon Benfield, to implement an automated accounts and cash transactions using Association for Cooperative Operations Research and Development (ACORD) messaging standards.
XL Re has also adopted automated accounts, cash and claims messaging for all London brokers, including Aon Benfield.
The insurer said that the system will be integrated with XL Re’s single, global IT reinsurance platform.
The initiative aims to achieve higher efficiency through the elimination of redundant data capturing and better data quality; process certainty through commonly agreed upon rules and performance standards; data certainty through the mapping to a single market standard.
It also aims to accelerate the through automation and reduction of exceptions and smoother cash flow and reduction of unallocated payments.
XL Re president and chief underwriting officer Charles Cooper said the implementation of messaging for backend processing of Bermuda business provides efficiencies by allowing its internal resources to spend more time on business analysis and less on data entry.
Aon Benfield chair of the Ruschlikon initiative and director of change strategy Ian Summers said the adoption of electronic messaging to support the premiums and claims processes is part of Aon Benfield’s global initiative to enhance client service and provide operational efficiencies for the trading partners.
"The use of ACORD standards and the Ruschlikon initiative are vital components in globalizing this process," Summers said.
ACORD CEO Greg Maciag said that ACORD standards only realize full potential when trading partners use them to exchange information. In fact, working with communities of ACORD members (like Ruschlikon) has become a major initiative for us.