2009-09-28

By Editor, CIR

XL Re has implemented the ACORD (the Association for Cooperative Operations Research and Development) messaging standards into its global reinsurance platform, completing its five-year project of reducing the number of reinsurance IT systems, inherited through acquisitions, from 11 to one.

XL Re is the first London Market reinsurer to fully operate its business using the ACORD messaging system, for transacting claims, accounting, cash management and the supporting documentation.

Mark Berry, general manager, London branch for XL Re Europe, said: "The successful rollout of a single IT platform and implementation of ACORD messaging standards across our network ensures XL Re maintains its lead in global eCommerce capabilities. XL Re's global transactional system enables a quick and consistent flow of accurate information, providing us with the agility to respond effectively and efficiently to an ever changing business environment. This includes major efficiencies in delivering management information for client-facing operations as well as the dissemination of financial data for internal and external reporting."

John Masters, Xchanging's UK technology director commented: "XL Re is to be congratulated on leading the implementation on ACORD4ALL in the London Market. We have worked closely with XL Re and WebConnectivity, our strategic partner for ACORD messages, on this initiative and I am delighted at the progress that has been made. This illustrates how committed Xchanging and the London Market are to adopting the ACORD international messaging standards."

Home     More News


Other stories you may find of interest:

Energy bill set to increase dramatically for UK businesses
Over 20,000 UK companies are to face increases in overall energy costs of at least £55,000 from next year, insurer RSA says

Food security risk: USA most stable
A new Food Security Risk Index shows the USA as the world's most stable food supplier

Public procurement research reveals postcode lottery for council suppliers
A study by the Forum of Private Business (FPB) has revealed vast differences in the amount of time British councils take to pay their suppliers