Ebix Europe, the electronic messaging communications specialists for the global re/insurance market, announced that insurer Beazley is the latest carrier to join its EbixExchange accounting platform.
Using ACORD standards, the platform adds transparency and accelerates the accounting and settlement process, while allowing the insurer to receive and respond to electronic back office transactions (EBOT) messages, regardless of location, said Ebix in a statement.
Beazley was introduced to EBOT after it was given free access to Willis Towers Watson’s Willis Accounting platform, also built by Ebix Europe, Ebix said.
“Beazley worked closely with Ebix Europe to implement EBOT messaging with participating brokers, providing a common market gateway solution for E-accounting with brokers, through our participation in the Ruschlikon* UK Implementation Group,” commented Saad Jassani, Underwriting and Claims Operations, Beazley.
“This offers us a standardized business process that can be rolled out across our global credit control teams in the UK, USA, Germany and Singapore,” Jassani added.
“The new process will allow upfront query and resolution on payment amounts prior to funds being transferred by the broker, helping reduce our unallocated cash. The first broker that we are using this service with is Willis, with Guy Carpenter and JLT among other brokers we will engage with in 2017,” Jassani went on to say.
“…Beazley quickly realized that there were other brokers outside the Willis Accounting platform who were also enabled to send them EBOT messages,” said James Pring, head of Sales, Ebix Europe.
“They saw the potential to improve internal processes, remove unallocated cash and receive money in a quicker fashion. Future plans include connecting with the remaining brokers and addressing ways to integrate the data with back office systems to fully automate the process,” Pring continued.
Before the launch of the Willis Accounting platform in 2015, there were around 50 entities enabled to receive EBOT messages, which has now increased to more than 850 carriers, said Ebix, noting that this has had a positive increase on message volumes with Willis Accounting contributing more than 150,000 technical accounts.
As a result of Willis Accounting and EbixExchange, a significantly larger number of carriers account and settle technical and financial transactions in this way, “thus helping to rid the global market of inefficient and costly accounting practice,” Pring added.
Any carrier on the WillisTowersWatson accounting platform that wants to trade electronically with any other Ruschlikon-enabled organization can do so by moving to full e-accounting and requesting simple promotion to the EbixExchange platform, explained Ebix.
At that point, EbixExchange becomes the carriers’ message management tool (MMT) to respond to EBOT and electronic claims office transactions (ECOT) messages from any enabled broker, said Ebix, noting that a similar user interface allows “a seamless transition” for users when switching from Willis Accounting to EbixExchange.
* The Ruschlikon Initiative connects players of the re/insurance industry to advance back office processes such as technical accounting, claims and settlement, using ACORD message standards for re/insurance and commercial business.
Source: Ebix Europe
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