ZURICH, SWITZERLAND, February 29, 2024 – Global reinsurer Echo Reinsurance Limited (Echo Re) today announced that it has implemented ACORD Solutions Group’s ADEPT to automate digital data exchange with Guy Carpenter, a global risk and reinsurance specialist.
Built by ACORD Solutions Group, the provider of solutions for standardized data exchange throughout the global (re)insurance industry, ADEPT (ACORD Data Exchange Platform and Translator) enables real-time data exchange, translation, and transformation. It connects trading partners across the industry, regardless of their existing level of digital maturity.
This latest live usage of ADEPT for Global Reinsurance and Large Commercial (GRLC) enables Echo Re to send and receive standardized accounting and claims messages with Guy Carpenter, streamlining stakeholder interactions and increasing efficiencies across the enterprise.
ADEPT GRLC also equips Echo Re with the capability to connect with Guy Carpenter offices servicing business placed in the IMEA (India, Middle East, and Africa) region, as well as trading partners in other geographies.
“After the first successful implementation of B2B messages via ADEPT at the beginning of 2023, we are proud that we could further grow the number of transactions that are processed automatically with the implementation of the carriers Guy Carpenter UK in November 2023, as well as Guy Carpenter South Africa in February 2024,” said Nicole Kos, Team Lead Technical Accounting & Claims, Echo Re. “After having gone through the testing and go-live process for the third time, we are now in a position to confirm that not only the implementation effort for testing and system adaptations has reduced, but the synergy for the daily processing of the incoming messages increases with each additional carrier. We can certainly recommend this approach for any smaller reinsurer using accounting software that supports e-messaging.”
“The industry will realize significant benefits as the transition to more seamless digital solutions is achieved,” Thomas Lucas, Senior Vice President of Client Support Services, Guy Carpenter. “We were pleased to partner with Echo Re on their digital journey as we expand our messaging capabilities to the IMEA region and beyond.”
Echo Re previously has leveraged ADEPT and its integrated intelligent document processing solution, ACORD Transcriber, to digitize interactions with non-digitally enabled brokers and cedents around the world. Since 2023, Echo Re has also been utilizing ADEPT to connect with Aon’s Reinsurance Solutions in the Asia-Pacific region, facilitating seamless transactions for both partners across the full ACORD GRLC accounting and settlement workflow.
“A longstanding partner of ACORD Solutions Group, Echo Re has been a key collaborator in reaching more industry stakeholders with our leading-edge solutions for digital data exchange,” said Chris Newman, Executive Vice President and Global Managing Director, ACORD. “This extended integration of ADEPT will facilitate even greater connectivity between trading partners across geographies, company sizes, and digital enablement, driving enhanced digitalization throughout the industry.”