Willis, ACE Team-up for First ‘e-Accounting’ Processing in London Market

ACE’s London based operations have teamed up with Willis Limited, the UK insurance broker, to successfully launch a fully electronic accounting process between the two companies. The achievement marks the first time that a broker and insurer have used the system developed in cooperation with the London Market Group (LMG).

The bulletin explained that e-Accounting is a “data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and replaces paper in the accounting and settlement process.”

Using the system “substantially improves the quality, integrity and certainty of process, allowing Willis and carriers to synchronize their operations and improve client service. Implementation benefits include:
• prompt advice of premium and claims due, enabling simpler reconciliation
• improved settlement cycle resulting in speedier premium and claim settlement
• the secure exchange of critical closing and settlement information
• reduction in queries and early query resolution

Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, commented: “London Market modernization has long advocated the elimination of paper from the process and the introduction of electronic accounting. This is a major reform that will show benefits for both parties in the future.”

Kevin Ahern, Head of Accounting & Settlement for Willis Limited, added: “Our work with ACE has been a true collaboration – we were able to deploy a skilled implementation team, using our comprehensive repeatable model, to ensure ongoing benefit for both companies.

“This market first went from concept to implementation in seven months and lays the foundation for further implementations with other carrier partners in the near future.”

Peter Houston, Head of Operations for UK and Ireland, ACE European Group, noted that the company is “continually looking at ways to improve service to clients, making payment of premium easier and payment of claims faster. e-Accounting and closer collaboration with our clients will enable ACE to achieve this.

“This project with Willis has been a great success with a real sense of partnership, and ACE is looking forward to working with Willis to expand the use of e-Accounting capabilities further with our clients and the wider market through the LMG sponsored Non Bureau project.”

Source: Willis

Topics Trends London