General Insurance Article - Aon and ACE use London Exchange for Accounting & Settlement


 Aon Risk Solutions, the risk management business of Aon Corporation (NYSE: AON), and ACE have today announced the successful implementation of Rüschlikon accounting and settlement standards via The Exchange.
 
 The move takes the London market’s e-capabilities a large step forward into the global marketplace with Aon and ACE implementing the international Rüschlikon accounting and settlement standards, via The Exchange for the notification and settlement of insurance premiums and claims on business outside the bureaux.
 
 The Rüschlikon initiative is a working group of global insurance and reinsurance industry organisations who work together to define and implement international business rules for processing insurance and reinsurance transactions using ACORD standards.
 
 Ian Summers, CIO for Aon Risk Solutions, explains, “With the addition of accounting and settlement messaging using the Rüschlikon rules, The Exchange now supports the life cycle of the insurance transaction process; e-placement through e-endorsements, premiums and claims. Aon has worked with its trading partners to develop the business processes and standards now available internationally which position this key piece of the London Market’s infrastructure on the Global map”
 
 Peter Houston, ACE head of operations for UK and Ireland, said “ACE is pleased to have partnered with Aon on this initiative which will further improve current accounting practices for all parties, particularly our clients due to faster settlement times and enhanced service standards. ACE see a significant opportunity to extend these settlement and accounting benefits to the wider market already connected to The Message Exchange platform and to continue our drive to improve operational performance."
 
 This eAccounting solution gives the entire UK and international market, brokers and carriers, the opportunity to automate premium and claim processes administered outside of the London bureaux, with quicker settlement times and greater security.
 
 For more information please visit http://www.acord.org/communities/Ruschlikon/Pages/default.aspx.
  

Back to Index


Similar News to this Story

US insurers leading the AI arms race
New research from leading Insurtech provider, hyperexponential (hx), reveals that while insurers are energised by the potential of artificial intellig
Hurricanes and earthquakes could lead to USD300bn losses
Following the long-term annual growth trend of 5–7%, global insured natural catastrophe losses may reach USD 145 billion in 2025, mainly driven by sec
FCA set to launch live AI testing service
The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consu

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.