VIDEO: Click here to listen to key statements from participants of the Ruschlikon ACORD European Summit.
The Ruschlikon Initiative
is gaining strong momentum, and is rapidly developing to become the market standard in the field of electronic message exchange for the insurance and reinsurance back office. Earlier this month around 85 industry Executives from around the world gathered at the SCOR Headquarters in Paris to discuss how Ruschlikon can speed up payment, increase efficiency and improve client service for key European markets. Participants concluded that Ruschlikon will grow through further commitment of international brokers, insurers and reinsurers to implement the business rules including the underlying ACORD standards. However it is important that regional characteristics and market peculiarities like national products, business processes or language are considered as part of this expansion.
Following the welcome by Monique Hesseling (ACORD Vice President & Chief Standards Officer), Greg Maciag (ACORD CEO) and Régis Delayat (SCOR Global CIO), the day started with key-note presentations on aspirations for higher efficiencies from perspective of brokers, insurers and reinsurers. Not surprisingly all three - Victor Peignet (CEO SCOR Global P&C), Lance Grant (Head of Operations & IT UK/Europe ACE) and John Muir (Managing Director of Technical Operational Practices Willis) – emphasized the benefits of further standardization, industrialisation and streamlining of processes and systems.
This then provided the link to two sessions where members of the Ruschlikon Steering & Marketing Group gave further details on Ruschlikon and its value proposition. Ian Summers, Chair of the Ruschlikon Steering Group and AON CIO UK & Ireland, explained in this context the business case benefits; “Ruschlikon processes give the industry less paper, produce fewer errors, allow premiums to be settled typically 15 days earlier, eliminate unmatched cash and allow operational costs to be reduced by around 30%.”
During the afternoon the participants split into smaller breakout groups based on Geography, to allow each region to interact and discuss the opportunities that Ruschlikon offers from regional/national perspective for both reinsurance and primary commercial insurance.
Feedback from these breakout sessions included that “Faster cash, higher efficiency and enhanced client service is music to our ears”, as expressed by the Pan European Group. Others emphasized the need to further analyse the suitability of Ruschlikon for their own organisation. All feedback will be used by the Ruschlikon Steering Group and the Marketing Group to further shape the next steps designed to increase the number of Ruschlikon implementations throughout Europe.
Click here to listen
to key statements from participants or to review the
Ruschlikon ACORD European Summit June 2013 Information Pack.