The London offices of Willis and XL have successfully launched a full electronic accounting process between their two companies, using the new ACORD 2010.2 data standard.
The announcement comes a few weeks after Willis and ACE went live with full e-accounting in August and forms part of an ongoing London insurance industry modernisation initiative by the London Market Group (LMG) to reduce paper-based transactions and to implement e-accounting across the market.
Graham Card, executive director and business lead for Willis’ e-accounting roll-out, said: “Our roll-out of e-accounting as a means to drive efficiencies and improved service continues, only this time we have implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents. We are confident that the enhancements in the process will reduce queries and re-work, delivering benefits for both brokers and carriers in the future.”
Kevin Ahern, head of accounting and settlement for Willis Limited, commented: “XL have been enthusiastic partners in this work and like Willis, were able to deploy a skilled team to ensure a successful implementation and ongoing benefit for both companies. This project follows our recent success with ACE and demonstrates once again the value of the ‘Willis Repeatable Model’ for e-Accounting implementation. We continue to work with other carrier partners towards further roll-outs and welcome interest from other companies.”
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