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Daily Insurance Industry News
Wednesday 25th of April 2018
November 14, 2012

Willis and Allianz complete electronic accounting link

by Gill Montia

Story link: Willis and Allianz complete electronic accounting link

Willis and Allianz complete electronic accounting link

Willis’ London-based operations and Allianz Global Corporate & Specialty (AGCS) have successfully launched a full electronic accounting process between the two companies, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited).

The move forms part of a continuation in the adoption of e-Accounting in the London Market.

Both Willis and AGCS are members of the LMG Non-Bureau Working Group, part of an on-going London insurance industry modernisation initiative to reduce paper-based transactions and improve accounting and settlement performance.

Commenting on the development, Willis’ managing director of accounting & settlement, Kevin Ahern, says: “Implementing e-Accounting and sending contemporary ACORD messages will improve data integrity, reduce queries and re-work, reduce levels of unmatched cash and improve reconciliation and settlement turnaround.”

 

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