Our Gateway and Message Management Tool (MMT) are used in the majority of Ruschlikon implementations in the US, London, Bermuda, Europe and Bahrain. Our solution enables Brokers and Carriers to enjoy the benefits of the electronic Accounting & Settlement process by easily adopting ACORD messaging.
ACORD messaging is the global established standard for communication between insurance and reinsurance organisations and has been used in US and European (re)insurance markets for well over a decade, and as a result of the Ruschlikon initiative, spearheaded by major Brokers and Carriers, the roll-out of e-Accounting has accelerated.
Benefits of Electronic Accounting & Settlement include: improved cashflow, immproved reconciliation, and validation of transactions.
The majority of Global brokers in both the US and UK are now sending Accounting & Settlement and Claims information as structured data utilising electronic ACORD messages rather than using paper or emails. Through the use of Web Connectivity’s MMT, Carriers can move from the uncertainies of paper to a secure and auditable data based method of exchanging critical Accounting and settlement information with their Broker partners.
Typically it is the Broker who initiates the e-Accounting message exchange with the production of a Technical Account (TA) message. The TA is a by-product of the Broker transactional process and, once received into the Carrier organisation is viewed, validated and subsequently accepted or queried by the Carrier, with the appropriate notification message being returned to the Broker. This allows the Carrier to have full control over the transactional process, an option not available when using paper/email.
The broker will only include accepted transactions in the following Financial Account (FA) message settlement process, thereby ensuring a straight forward and timely cash reconciliation process. Unallocated cash can be eliminated (an outcome that has eluded the (re) insurance industry for years) and significant improvements are possible in both cash-flow and settlement frequency.
The Web Connectivity MMT:
The MMT includes a 2-phased approach.
Manage the acceptance of Technical Accounts.
Settlement Agreement Facilities.
Claim Movement Messages.
Electronic Accounting & Settlement – Integration into Back Office Systems
Integration of Accounting & Settlement and Claims data into underwriting systems is achieved through interfacing an ACORD Gateway with underwriting systems via various integration methods. Web Connectivity work with a number of Underwriting System providers to provide Straight Through Processing (STP) capability.
Web Connectivity is the leading ACORD messaging Gateway provider and our MMT has a breadth of process functionality that has been strongly influenced by experienced Users within the Ruschlikon Community. We provide more than just the necessary software; our experienced team supports a collaborative approach to implementation, ensuring all of our customers achieve maximum business benefit.
