On June 12, ACORD and the Ruschlikon North America Implementation Committee held a lunch session, at Guy Carpenter's Midtown Manhattan office, where 17 representatives from six companies were in attendance to learn about how firms have gained operational efficiencies using standardized and streamlined processes.
Ruschlikon North America is the North American community of a global coalition of brokers, (re)insurers and cedents who are dedicated to electronic process efficiencies delivered through implementing ACORD messages for premium and claims, and settlement processing based on industry-agreed implementation guidelines.
The meeting opened with a status from Ruschlikon North America on the implementation progress of the ACORD GRLC standards and processes. The group discussed the business cases for the participating companies followed by a very interactive dialogue between presenters and attendees.
A common theme throughout the session was that implementing an eBusiness solution is not a one-shot process, nor is there a silver bullet solution; instead, it is a path to incrementally follow, from the use of Message Managing Tools (MMTs) to full application integration. This path will lead to, among other things, improved client service, increased accuracy and transparency.
The use of an MMT enables electronic messaging without committing to the expenditure of full integration. Information will not automatically flow into internal systems and will still need to be re-keyed. However, it is an available path and most MMT solutions provide integration processes that can be enabled later. MMTs typically will provide message delivery, history and tracking/status indicators. ACORD certified MMTs provide full support for the eBot and eCot processes/flows. MMT providers can host the application or they can be deployed in your own environment.
"It's important for companies in the (Re)insurance industry to understand why standardized administration processes are so critical today. As more business partners go electronic, they need to be competitive and easy to work with," said Maggy Leon, Director of Implementation for ACORD. "ACORD and the Ruschlikon North America Implementation Community are here to help along that path."
For more information on eAdministration, Ruschlikon North America Implementation Group and the Ruschlikon initiative, go to www.ruschlikon.com