Willis and XL Implement e-Accounting for London Market

September 26, 2011

The London-based operations of XL Group plc and Willis Limited, the principal UK broking company of global insurance broker Willis Group Holdings plc, announced the successful launch of a “full electronic accounting process between the two companies, using the new ACORD 2010.2 data standard.”

The announcement follows the launch by Willis and ACE UK of an e-Accounting data based process, a further step in modernizing London’s insurance industry, led by the London Market Group (LMG) to reduce paper-based transactions and to implement e-Accounting across the market.

Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, explained: ‘Our roll-out of e-Accounting as a means to drive efficiencies and improved service continues, only this time we have implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents. We are confident that the enhancements in the process will reduce queries and re-work, delivering benefits for both brokers and carriers in the future.’

Kevin Ahern, Head of Accounting & Settlement for Willis Limited, described XL as “enthusiastic partners in this work. Both firms have deployed “a skilled team to ensure a successful implementation and ongoing benefit for both companies,” he added.

Simon Squires, XL Insurance – CPO Regional Manager International P&C, and the XL representative on the LMG Non-Bureau Working Group noted with approval the “close collaboration with Willis on such a successful project.”

He indicated that the “system has redeployed technology pioneered by XL Re and XL London Market Limited reflecting our innovative approach to modernization. The e-Accounting process allows us to process all risks, including complex propositions using the new ACORD 2010.2 standard. This results in faster, more effective and higher quality data which significantly enhances the settlement process but with lower administrative costs.’

Willis is one of the founding members of the Rüschlikon initiative and both Willis and XL Group companies are members of the LMG’s Non Bureau Working Group.

Source: Willis Group Holdings plc

Was this article valuable?

Here are more articles you may enjoy.