ZURICH, SWITZERLAND and LONDON, UK, March 25th, 2021 - Global reinsurer Echo Reinsurance Limited (Echo Re) today announced its partnership with ACORD Solutions Group as its strategic global messaging platform provider.
ACORD Solutions Group (ASG), the industry-owned extension of ACORD, the standards-setting body for the global insurance industry, develops solutions and services to help stakeholders throughout the industry optimize the speed, cost, and accuracy of their data. Echo Re will be leveraging ASG’s ADEPT (ACORD Data Exchange Platform & Translator) as an integrated service to facilitate messaging integration for their global reinsurance business accounting activities.
“As a dynamic and growing reinsurance carrier, we are delighted that ADEPT enables us to leverage our deep business understanding with technology that allows for a further digitisation and automation of our business processes. Because ADEPT allows reinsurers to integrate their digital business processes, despite being restricted in internal development resources, we believe it can push the industry to market-wide standardised data exchange along the full reinsurance business lifecycle,” said Gregor Schulte, Chief Financial and Operating Manager at Echo Re.
ADEPT offers Echo Re’s trading partners standardised, simplified API connectivity to the global market for the exchange of placing, accounting, and claims data across any platform interface and level of existing digital capability. Through the RESTful API interface, Echo Re will have the capability to conduct inbound and outbound message orchestration for all global reinsurance business.
ADEPT will also transform documents into structured ACORD GRLC placing, accounting, and claims data, as well as interface with existing eMessage-enabled partners. In a second step of platform integration, Echo Re is also keen to potentially leverage ADEPT to receive placing data worldwide via all major placing platforms.
“Most of us would agree that the insurance industry as a whole found meeting the challenge of digitisation a tough one,” said Chris Newman, ACORD’s Managing Director, Global. “Until now, the digitisation of data for large commercial risks has been an issue due to the vast array of systems and interfaces that have accrued over time across the market. Data integration is too variable and requires too much manual intervention. It needs to be embedded in the technology itself. We are delighted to help Echo Re, their trading partners, and the global industry truly leverage the benefits of digital modernization.”
About Echo Re Limited
Echo Re Limited (Echo Re) is a Zurich-based reinsurance carrier. As one of the reinsurance carriers within the German DEVK group, Echo Re serves clients in Asia, the Middle East, Africa, Latin America, and the Caribbean with dedicated and extensive reinsurance know-how in P&C and Specialty Lines of Business such as Agriculture, Marine/Energy or Extended Warranty.