Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
September 27, 2011

Willis and XL implement e-Accounting

by Gill Montia

Story link: Willis and XL implement e-Accounting

Willis and global insurer, XL Group, have successfully launched an electronic accounting process between the companies, using the new ACORD 2010.2 data standard.

In August, Willis went fully live with e-Accounting in a move that forms part of an ongoing initiative by the London Market Group to modernise the industry and reduce paper-based transactions.

Explaining the switch, the broker’s executive director for e-Accounting, Graham Card, says: “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.”

XL’s spokesman, Simon Squires, adds: “The e-Accounting process … results in faster, more effective and higher quality data which significantly enhances the settlement process but with lower administrative costs.”

Willis continues to work with other carrier partners towards further roll-outs of e-Accounting, and says it welcomes interest from new companies.

The group has also launched a new blogging platform, WillisWire, where its experts will be sharing insights on the risks affecting businesses around the word, from hurricanes to cyber security.

The broker is hopeful that the blog will facilitate a global exchange of ideas, via short, timely posts on the insurance implications of natural and man-made disasters.

Contributors will also be addressing the latest issues, trends and news impacting businesses worldwide.

 

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