Panel of Industry Leaders jointly shared its journey to market modernization: Ruschlikon, London Market Target Operating Model (TOM) and ACORD jointly improving global operational efficiency and effectiveness, from placing to settlement
Click to enlarge the image
Digital transformation is in full swing. The (re)insurance sector is faced with numerous technological opportunities, new business models, innovative services and chances for co-operation. Turning these opportunities into success and striving for Digital Excellence was the context for this year's inscom 2016 (Insurance Conference Munich). One of the highlights was a dedicated panel session with industry leaders: Joe Dainty (Lloyd’s Global Head of Operations & Member of the TOM Steering Board), Dietmar Meyer (Head of Technical Accounting Munich Re & Member of the Ruschlikon Steering Board), Bill Pieroni (President & CEO of ACORD), and moderator Régis Delayat (SCOR Group CIO & Chairman of Ruschlikon), on how they are successfully working together to modernize the global (re)insurance market.
During the discussion, Bill Pieroni highlighted that “…. ACORD supports the development, deployment and implementation of insurance standards across the entire value-chain, enabling straight-through processing of commercial and reinsurance business with a common language”. This powering element, together with Global (Re)insurance Best Practices, help the global Ruschlikon Community to reduce workload and costs in middle-office administration, and speed-up the accounting and claims processes including cash-flow. “In addition," highlighted Dietmar Meyer, "[from Munich Re's perspective], we reduce operational risk and enhance data quality by globally using the same business processes and one IT system”.
From a market standpoint, Joe Dainty emphasized the need to be highly accessible, efficiently run and relevant to the customer needs. “Moving from the current target operating model, recognized as inefficient, paper-based, inflexible and fragmented, the London Market, with the cooperation of ACORD and Ruschlikon, has embarked on its Target Operating Model, realizing cross market effectiveness and efficiency on a global scale.”
The panel’s interaction with the audience confirmed the joint journey as an effective industry response to current challenges. In fact, representatives in the audience – coming from all over Europe and as far afield as the US, Asia and Brazil, reiterated their interest to join. “Operational excellence and digital transformation are at stake in our companies not only individually but also collectively in all interactions between insurers, brokers and reinsurers. It is urgent for all to adopt these modern ways of working, and sign-up to our Ruschlikon Initiative.” summarized Régis Delayat.