Willis Group Holdings plc (NYSE:WSH), the global risk adviser and insurance and reinsurance broker, is leading the drive to improve operating efficiencies in the insurance market with aims to double its E-Accounting partnerships in 2013.
Willis Limited, the UK broking arm of Willis Group, and Amlin Bermuda a branch of Amlin AG, a leading independent insurance group, today announced the successful launch of a full electronic accounting process between the two companies, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited).
The announcement demonstrates further expansion in the adoption of e-Accounting, which will reduce paper-based transactions and improve accounting and settlement performance. This is the first Willis implementation of 2013 and its first with a Bermudan company. For Amlin, this is the very first e-Accounting implementation.
Paul Owens, COO for Willis Limited stated: “Our roll-out of e-Accounting as a means to drive efficiencies and improve service is gaining real momentum. This is our first implementation with a Bermuda-based company and demonstrates our desire to increase our e-Accounting coverage as far as possible. Our e-Accounting throughput volumes have increased by 85% year on year helping to reduce queries and re-work, reduce levels of unmatched cash and improve settlement turnaround.”
Richard Brame, Willis Accounting & Settlement Change Programme Director added: “Amlin have been a great partner to work with and we look forward to realising the benefits of e-Accounting with Amlin moving forward. We now have ten live e-Accounting Carrier partners and are looking to double this by the end of 2013.
Steve Bardell, Amlin Bermuda’s Underwriting & Operations Manager added: “We anticipate realising almost immediate benefits from weekly premium payments and reduced paperwork. The team at Willis were a pleasure to work with as they guided us through a very straightforward implementation process.”
Willis is an active member of the Ruschlikon initiative, which aims to automate back-office processes, and LMG Non-Bureau Working Group and Amlin is a member of the Bermuda Ruschlikon Steering Committee.
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
Amlin plc is a leading independent insurance group operating in the Lloyd’s market through Amlin London and additionally in the UK, Continental European and Bermudian markets. We specialise in providing insurance cover to commercial enterprises across a broad range of risks including aviation, marine and international property & casualty. We also provide reinsurance protection to other insurance companies around the world.
A FTSE 250 quoted company domiciled in the UK, Amlin’s Syndicate 2001 is highly rated at ‘A+’ (Excellent) by AM Best and ‘A2’ (Stable) by Moody’s.
The Rüschlikon initiative is driven by a group of leading global (re)insurance companies, together with ACORD, to further automate (re)insurance back office processes (technical accounting, claims, settlement) using ACORD RLC (Re)insurance and Large Commercial) standards. The Rüschlikon Initiative’s mission is to reshape the (re)insurance industry, through the design and implementation of processes that reduce operational cost and enhance client service The initiative Founder Members were Willis, Swiss Re, Munich Re, SCOR, and Aon Benfield, working together with ACORD.
About London Market Group (LMG) Non Bureau Working Group:
The Rüschlikon Initiative has also influenced London Carriers with the formation of the London Market Group’s (LMG) Non Bureau Working Group which includes representatives from Willis, AIG, Allianz, X/L, ACE, Generali, QBE, RSA, and Aon Benfield. The group is supported by the LMG Secretariat and ACORD.
e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process.