JOHNS CREEK, GA/LONDON, UK -- April 13, 2017 -- Ebix Europe, the electronic messaging communications specialists for the global (re)insurance market, today announces that international insurer Beazley is the latest carrier to join its ever expanding EbixExchange accounting platform.
The platform adds transparency and accelerates the accounting and settlement process using ACORD standards, delivering a creative and highly scalable solution allowing Beazley to receive and respond to EBOT (Electronic Back Office Transactions) messages, regardless of location.
Beazley were introduced to EBOT after they were given free access to the Willis Accounting platform, also built by Ebix Europe, from Willis Towers Watson. They then saw further value in connecting with other brokers to continue their rollout of electronic accounting. The simple transition of moving from the Willis Accounting platform to EbixExchange means that Beazley now have all the tools they need to connect to other global brokers who can send these types of messages. It also allows them to explore integration options to leverage the structured data they now receive.
Saad Jassani, Underwriting and Claims Operations, Beazley, commented: “Beazley worked closely with Ebix Europe to implement EBOT messaging with participating brokers, providing a common market gateway solution for E-accounting with brokers, through our participation in the Ruschlikon UK Implementation Group."
"This offers us a standardised business process that can be rolled out across our global credit control teams in the UK, USA, Germany and Singapore. The new process will allow upfront query and resolution on payment amounts prior to funds being transferred by the broker, helping reduce our unallocated cash. The first broker that we are using this service with is Willis, with Guy Carpenter and JLT among other brokers we will engage with in 2017,” Jassani added.
James Pring, Head of Sales, Ebix Europe, also commented: “Due to the nature of this initiative, Beazley quickly realised that there were other brokers outside the Willis Accounting platform who were also enabled to send them EBOT messages. They saw the potential to improve internal processes, remove unallocated cash and receive money in a quicker fashion. Future plans include connecting with the remaining brokers and addressing ways to integrate the data with back office systems to fully automate the process."
"Electronic accounting and settlement for direct business, in other words, outside the London market Bureau, has been gaining momentum over the last six to seven years. As a result of the foresight and creativity of the teams behind Willis Accounting and EbixExchange, there is now a significantly larger number of carriers accounting and settling technical and financial transactions in this way - thus helping to rid the global market of inefficient and costly accounting practice,” Pring added.
Before the launch of the Willis Accounting platform there were around 50 entities enabled to receive EBOT messages. There are now over 850 carriers who can respond to an EBOT message. This has therefore had a positive increase on message volumes with Willis Accounting contributing over 150,000 Technical Accounts since 2015.
Any carrier on the Willis Towers Watson accounting platform who now wishes to trade electronically with any other Ruschlikon-enabled organisation can do so by moving to full e-Accounting and requesting simple promotion to the EbixExchange platform. EbixExchange becomes the carriers own message management tool (MMT) to respond to EBOT/ECOT messages from any enabled broker. The carrier will experience enhanced functionality, with some optional configurable enhancements. A similar user interface allows a seamless transition for the users when switching from Willis Accounting to EbixExchange and prompts further discussions regarding straight-through-processing.