First-of-a-kind data exchange capabilities now available to cedents, brokers and reinsurers throughout international Ruschlikon community
LONDON, UK and PARIS, FRANCE, July 23, 2020 – ACORD Solutions Group (ASG), the industry-owned extension of global insurance standards-setting body ACORD, specializing in next-generation data exchange capabilities, today announced results of the recent Ruschlikon France Vendor Assessment for straight-through electronic message processing in reinsurance.
The vendor assessment was conducted under the auspices of the Ruschlikon initiative, which promotes efficient standardized data exchange on behalf of its members, including the world’s leading reinsurance groups and brokers. The Ruschlikon France Implementation Group coordinated the exercise, pairing five solution providers with reinsurers to demonstrate straight-through processing of accounting and claims transactions. This specifically included the treatment of bordereaux as decomposition into single ACORD messages.
For the assessment, ASG was partnered with SCOR, one of the world’s largest reinsurers. ASG demonstrated full end-to-end transformation and messaging capabilities, which included:
1. Transforming a selection of use cases consisting of native PDF documents and structured accounting and claims sample files in XLS format,
2. Conforming to approved APREF (Association des Professionnels de la Réassurance En France) templates which formalize the requirement for moving from paper-based transactions to electronic messaging,
3. Mapping to ACORD Standard Reinsurance Messages (EBOT and ECOT) and the Ruschlikon France Technical Guide, and
4. Orchestrating and passing the messages to the reinsurer’s end point.
“We were very pleased to be paired with SCOR in this process efficiency initiative,” said Bill Pieroni, President and CEO, ACORD. “As active participants in the ACORD and Ruschlikon communities, they share our commitment to enabling efficient global data exchange, benefiting stakeholders throughout the industry worldwide.”
“The ASG team worked harmoniously and diligently with SCOR’s team to prove the Ruschlikon France use cases, and this work will result in much time and effort saved,” said Jonathan Beerman, Chief Technical Accounting and Administration Officer, SCOR. “My team so far has manually extracted data from Cedent and Broker documents, but ASG proved how this process could be automated, with enhanced data accuracy and efficiency, and the mappings made available to the ACORD Member community through the ACORD Data Exchange Platform & Translator (ADEPT). Although the Ruschlikon France vendor assessment process was completed in Europe, we also identified potential for significant benefits across the SCOR global group: we are in the process of engaging in a pilot with ASG on the transformation of PDF-based Technical Accounting information received by US brokers into ACORD messaging.”
ASG’s mappings of the APREF templates will be made available to licensees throughout the Ruschlikon France community. ASG will map similar templates for Italy, Spain, and other Ruschlikon communities as they are developed.
“We are looking forward to the enhancements of the tech providers’ offerings towards full messaging capability for all 23 Ruschlikon France users,” said Ruschlikon France Chairs Irene Koller (Swiss Re) and Bruno Fournet (SCOR).
Members of the ACORD GRLC community can access these mappings by subscribing to the ACORD Data Exchange Platform & Translator (ADEPT), which is licensed at cost to ACORD members. ADEPT is a platform for secure, real-time digital data exchange, powered by the ACORD Standards.
For more information on ACORD Digital Solutions and the ADEPT platform, please visit www.acordsolutions.com. For more information on the Ruschlikon reinsurance initiative, please visit www.acord.org/Ruschlikon.