HAMILTON, Bermuda, March 23, 2011 /PRNewswire/ -- XL Re, the global reinsurance operations of XL Group plc (NYSE: XL), and Aon Benfield today announced that XL Re Ltd, XL's Bermuda-domiciled reinsurance subsidiary, has teamed up with Aon Benfield to become the first local reinsurer to successfully implement automated accounts and cash transactions using Association for Cooperative Operations Research and Development (ACORD) messaging standards.
XL Re Ltd has also implemented automated accounts, cash and claims messaging for all London brokers, including Aon Benfield. The system is integrated with XL Re's single, global IT reinsurance platform.
Charles Cooper, President and Chief Underwriting Officer of XL Re Ltd, said: "XL Re Bermuda is proud to be a leader in this effort to raise the standards of electronic data sharing. The implementation of messaging for backend processing of Bermuda business provides efficiencies by allowing our internal resources to spend more time on business analysis and less on data entry."
Ian Summers, Joint Chair of the Ruschlikon initiative and Director of Change Strategy at Aon Benfield, added: "The adoption of electronic messaging to support the premiums and claims processes is part of Aon Benfield's global initiative to enhance client service and provide operational efficiencies for our trading partners. The use of ACORD standards and the Ruschlikon initiative are vital components in globalizing this process."
The announcement comes as representatives of Aon Benfield's Global messaging team and other members of the Ruschlikon team are meeting with companies in Bermuda to highlight the advantages of the Ruschlikon Initiative. The not-for-profit venture was started in 2009 and brings together global brokers and reinsurers to identify and realize the business benefits of sharing electronic data using ACORD messaging standards.
The Initiative aims to achieve the following benefits for its members:
- Higher efficiency through the elimination of redundant data capturing and better data quality;
- Process certainty through commonly agreed upon rules and performance standards;
- Data certainty through the mapping to a single market standard (ACORD XML messages);
- Process acceleration through automation and reduction of exceptions; and
- Smoother cash flow and reduction of unallocated payments.
Greg Maciag, CEO of ACORD, noted: "ACORD standards only realize full potential when trading partners use them to exchange information. In fact, working with communities of ACORD members (like Ruschlikon) has become a major initiative for us. Both XL Re and Aon Benfield are the leading organizations driving electronic trading across the industry. The benefits they realize are well deserved and will serve as models for other trading partners to follow."
About XL Re
XL Re is the global brand used by XL Group plc's reinsurance operations. The XL Re companies have more than 400 employees in 11 countries. More information about XL Re companies is available at www.xlre.com. Through its operating subsidiaries, XL Group plc is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. Its principal executive offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com.
About Aon Benfield
As a recognized leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our notable expertise and industry-leading proprietary tools and products, we help our clients to redefine success. Aon Benfield offers unbiased capital advice and customized access to reinsurance and capital markets. As a trusted advocate, we provide local reach to the world's markets, an investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 80 offices in 50 countries, our worldwide client base is able to access a broad portfolio of integrated capital solutions and services. Learn more at aonbenfield.com
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit standards development organization serving the insurance industry and related financial services industries. ACORD's mission is to facilitate the development of open consensus data standards and standard forms. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and industry associations worldwide. ACORD works with these organizations towards a goal of improved data communication across diverse platforms through implementation of standards. ACORD maintains offices in New York and London.
Carol Parker Trott
XL Media Relations
Aon Benfield Marketing & Communications
+44 (0)207 522 8183
SOURCE XL Re; Aon Benfield