May 16, 2017
The success of Ruschlikon, the global community of insurers, brokers and reinsurers, continues with an expanded global footprint:
- 32% increase in Ruschlikon/ACORD message volumes, with cumulative transactions in 2016 exceeding 1.5 million
- Electronic processing time reduced by 50% compared to manual bookings
- Average time to process a settlement message down to 5 days
The Ruschlikon community met in London to review 2016 highlights, shape 2017 priorities and reassess alignment with the London Market TOM (Target Operating Model).
A dedicated General Assembly featured an open forum with members of the Technology Provider Group, with renewed commitment to help Ruschlikon complete faster and simpler implementations.
During the General Assembly, a Ruschlikon/London Market Group TOM panel discussion titled “Making It Happen: Bureau and Non-Bureau Alignment and Accelerating London Market Change” emphasized the need for alignment and collaboration.
“The open dialogue with London Market executives is extremely valuable. We have clearly defined where to strengthen the alignment efforts between key components of the London TOM and Ruschlikon, leading to operational efficiency and effectiveness both globally and at all stages of the value chain” said Régis Delayat, Ruschlikon Chair and Senior Digital Advisor to the Chairman of SCOR SE.
Ruschlikon also announced its 2017 priorities, supporting its value proposition and its two primary strategic objectives, i.e. to increase electronic exchanges within the community and to engage with new trading partners. These priorities are as follows:
- Explore opportunities for geographic expansion, e.g. in Australia and the Middle-East
- Enhance straight-through-processing (STP) capabilities, with
- Consistent adoption of Ruschlikon Best Practices throughout the community
- Refinement of ACORD data standards
- Integration within members’ respective modernized systems
- Further exploration of opportunities in innovative technology concepts such as Artificial Intelligence and Blockchain
Ruschlikon is a global community of insurers, brokers, and reinsurers committed to implementing e-administration and driving an efficient and modern market.
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use.