Ruschlikon Press Release
20 April 2016
Ruschlikon reports a successful 2015
- Heightened global reach
- Creation of a new group
- Formal cooperation with the London Market
In 2015, Ruschlikon, the global community of insurers, brokers and reinsurers with the primary purpose of optimizing administrative costs and enhancing client services, achieved important milestones with the enlargement of its footprint:
- The number of accounting and claims transactions being processed electronically, based on ACORD standards, grew globally by 20% to around 1.2 million;
- The global community of insurers, brokers and reinsurers now totals more than 100 implementations across 6 continents in the (re)insurance industry across all types of business.
Historically driven by brokers and reinsurers, Ruschlikon has also recently managed to expand the community with a number of new relationships with insurers.
"In 2015, Ruschlikon continued to systematically deliver and track benefits as a base for ongoing financial and operational improvements. These benefits range from faster payment or the elimination of unmatched cash to more streamlined and efficient processes, responding to the need to continuously reduce administrative costs. Another important aspect is Ruschlikon's contribution to data quality, required not only for operational efficiency but also for accurate business decisions and regulatory compliance," explained Régis Delayat, Ruschlikon Chair and SCOR CIO.
Creation of Ruschlikon Technology Provider Group
In late 2015, the Ruschlikon Technology Provider Group was formed with the primary purpose of working together with Ruschlikon to increase, broaden and simplify global implementations of ACORD messages and Ruschlikon Best Practices. All the members of this group: CSC, EBIX, Effisoft, INVEOS, msg, NIIT, Pro., Sequel, Scyllogis, Trace, WebConnectivity, Xchanging and Xuber, are top-tier providers of e-processing services for (re)insurance. James Willison, Managing Director of WebConnectivity, and Ian Summers, Business Development Director at Sequel Business Solutions, were elected as Co-Chairs for the Group.
Cooperation with the London Market Target Operating Model
Ruschlikon has also formally started to work with the London Market Target Operating Model ("TOM"). Two key areas of focus are: ensuring process and data consistency between Ruschlikon and electronic accounting for the London Market Bureau business (working with the Central Services Refresh Programme "CSRP"), and also helping with the development of ACORD standard placing messages. These placing messages will be globally applicable, and the responsible Working Group has representatives from a variety of geographies and business lines.
As well as high level meetings between the Ruschlikon Steering Group and leaders of the London Market TOM, many Ruschlikon members are involved in more detailed TOM workshops, working groups and management groups.
With all its key achievements, Ruschlikon has already transformed the (re)insurance industry in optimizing administrative processes, and its scope and influence continue to grow.
Above: The Ruschlikon Technology Provider Group, with members of the Ruschlikon Steering Committee at the first face-to-face meeting of the Technology Provider Group.
About Ruschlikon and ACORD
Ruschlikon is a global community of insurers, brokers and reinsurers. Its primary purpose is to optimize administrative costs and enhance client services. Ruschlikon aims to further automate back office processes by implementing Best Practice Processes based on ACORD message standards for (re)insurance and commercial business. The Ruschlikon Steering Group is composed of AIG, Aon Benfield, Guy Carpenter, Munich Re, SCOR, Swiss Re, Willis Towers Watson and XL Catlin.
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving insurance and related industries. ACORD facilitates the development of open consensus data standards and standard forms, and works with its members and partner organizations to drive the implementation of those standards.
For more information, please write to email@example.com, go to www.ruschlikon.com or join our LinkedIn Group.