Last week, 65 representatives of the French reinsurance market came together at the SCOR offices in Paris. This event was co-organized by SCOR and Swiss Re, addressing the need for transforming and automating the exchange of reinsurance accounting information, based on a market standard.
Taking the findings of the APREF working group (Association of French reinsurance professionals) and the ACORD standard as a base, the participants agreed to keep the momentum going and work towards “Ruschlikon France”.
Presentations (available here) and discussions in the morning setting the scene:
- Highlighting the need to harmonize and modernize today’s way of exchanging information in the reinsurance ecosystem, allowing automation for the reconciliation of premiums and claims information.
- ACORD President & CEO Bill Pieroni, explained how investments in digitization could create sustainable, economic value if strategic intent and execution capabilities around customer, product, innovation and operational excellence were well aligned. Study available here.
- Underscoring the aim for a common market standard in line with the findings of the APREF working group.
- Exploring benefits for cedents, brokers and reinsurers, and addressing challenges related to transformation from perspectives of people, processes and data: an expert panel looked at the IT solution readiness and how Technology Providers could assist.
- Linking French requirements to the existing initiatives suchas Ruschlikon, or the emerging Blockchain/B3i landscape.
In the afternoon participants interacted in three parallel breakout sessions, discussing in detail:
- Principle requirements for the exchange of accounting information.
- How to enhance IT solution readiness.
- Which concrete steps to take as a market.
Reporting back to the audience and the conclusion of the day revealed that:
- The participants expressed a will to keep the momentum and jointly address the way to less paper and more automation.
- Representatives from Business/Finance/IT/Ruschlikon are committed to market cooperation, the next steps are to more deeply explore the ACORD standard, identifying gaps in today’s solutions, working on the business case, addressing cultural aspects of change management and thus preparing the first implementations.