Willis has announced the rollout of Willis Accounting, a new global electronic accounting platform designed to speed up cash flow and settle claims more quickly.
Willis Accounting replaces traditional paper and email delivery of statements with automatic electronic messaging through an online portal. The new platform will speed up premium transactions and claim settlements with carriers and clients. The online portal will be supplied by Willis to around 1,100 carrier partners around the world.
David Shalders, group operations and technology director for Willis Group, said: “As we continue to implement operational improvements across Willis we are squarely focused on delivering better service for our clients and carriers. Improving our operations will make Willis more globally connected, improve our efficiencies and give us much better tools to do our job even better.”
“The steps we are taking in electronic accounting are a great example of this approach,” he added. “Our new electronic accounting system is an early example of what can be achieved by innovating with technology and by taking a globally consistent approach to our operations and processes. This system is unprecedented and represents a significant first in the global insurance industry. Willis Accounting will accelerate the process of agreeing claim and premium transactions, support financial reporting and improve the reconciliation process.”
Willis Accounting has been developed in partnership with the software company Ebix.
Jeff Ward, vice-president and head of Ebix Europe, said: “Willis and Ebix are leading the global market in electronic accounting and settlement. This will rapidly accelerate the worldwide adoption of ACORD Ruschlikon at a speed and cost that peer-to-peer messaging can simply never achieve. The twin goals of faster settlement and the eradication of unallocated cash are now significantly closer. We are delighted that our EbixExchange platform was chosen to underpin Willis Accounting which is supported by our renowned team of experts here in London.”
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