This year Ruschlikon are celebrating 10 years of collaboration within the (re)insurance industry. The Ruschlikon initiative fosters an industry solution to benefit all by increasing speed, quality and transparency of transactions, enhancing the reputation and attractiveness of stakeholders in the back office ecosystem.
The initiative continues to grow in both partnerships and global reach with technologies and the digital evolution playing an increasing role in how we engage and connect to meet the demand of on-boarding new partnerships. Traditional peer-to-peer relationships remain as strong as ever and in addition their message scope to include inter-company as well as new partnerships. Message delivery options are on the rise, for instance an alternative method utilizing TMEL (The Message Exchange Limited), a messaging hub that supports the sending and receiving of ACORD standard data messages between counterparties in the London insurance market, a central hub for single point of connection rather than multiple connections has proved to be popular.
There is an emerging trend for brokers to deploy portal services to connect to carriers who have not yet developed the capability to handle ACORD electronic messages. This allows streamlining of the brokers’ internal processes by allowing them to use the same electronic messaging for all carriers they deal with.
Ruschlikon are also engaging with Blockchain initiatives across our industry, sharing knowledge on best practices and a consistent usage of ACORD Global Data Standards to ensure compatibility where appropriate while still leveraging the advantages offered by newer technologies.
Operating under a proven Industry best practice guidance and working with ACORD to enhance the standards, Ruschlikon partners have agreed to migrate to the ACORD GRLC 2016-10 version for EBOT and ECOT, which encompasses the new two way query message and section referencing for greater transparency. Over the last couple of years Ruschlikon have invested expert resource in defining requirements added to the 2015-04 and the current 2016-10 standards versions to ensure a stable and robust framework to underpin the eAccounting transaction flows.
The Ruschlikon messages in the administration space are also now being enhanced into a full straight through processing model with links to placing messages and also activities to link to the actual receipt of monies via banking data.
The Claim Movement message adoption is on the rise, optimizing resources and facilitation faster claims payment. ECOT delivers structured data and attachments connected to the message itself avoiding rekeying and creating a clear audit trail with a global benefit of everyone doing it the same way. Implementing Standards version will also provide the function of two way query messaging.
A recent presentation by a Ruschlikon member reported that optimizing claims handling using the Claim Movement message realized the following benefits;
- Faster Payment Turn-Around Time
- Average TAT: 64% lower
- Median TAT: 48% lower
- Increased Efficiency
- Handling Effort: 40% lower
- Fewer Reconilion Issues
- Claim notifications queried: 50% reduction
Ruschlikon connects players of the (re)insurance industry to streamline back office processes using ACORD GRLC Standards. In this context, the Ruschlikon Community tracks, reviews and reports Key performance indicators (KPIs). Click the link for detail in how we manager our KPI metrics.
ACORD is a global, non profit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use.
For more information, please email email@example.com, visit ruschlikon.com, or join the LinkedIn group.