Ruschlikon, a global community of insurers, brokers and reinsurers, achieved important milestones in 2015 with the enlargement of its footprint. The number of accounting and claims transactions being processed electronically, based on ACORD standards, grew globally by 20% to around 1.2 million. There are now more than 100 implementations across six continents in the (re)insurance industry across all types of business.
Ruschlikon, whose primary purpose is to optimise administrative costs and enhance client services, was historically driven by brokers and reinsurers. Now it has managed to expand the community with a number of new relationships with insurers.
“In 2015, Ruschlikon continued to systematically deliver and track benefits as a base for ongoing financial and operational improvements. These benefits range from faster payment or the elimination of unmatched cash to more streamlined and efficient processes, responding to the need to continuously reduce administrative costs. Another important aspect is Ruschlikon’s contribution to data quality, required not only for operational efficiency but also for accurate business decisions and regulatory compliance,” explained Régis Delayat, Ruschlikon Chair and SCOR CIO.
Creation of a new group
In late 2015, the Ruschlikon Technology Provider Group was formed with the primary purpose of working together with Ruschlikon to increase, broaden and simplify global implementations of ACORD messages and Ruschlikon Best Practices. All the members of this group: CSC, EBIX, Effisoft, INVEOS, msg, NIIT, Pro., Sequel, Scyllogis, Trace, WebConnectivity, Xchanging and Xuber, are top-tier providers of e-processing services for (re)insurance.
Formal cooperation with the London Market
Ruschlikon has also formally started to work with the London Market Target Operating Model (TOM). Two key areas of focus are: ensuring process and data consistency between Ruschlikon and electronic accounting for the London Market Bureau business (working with the Central Services Refresh Programme), and also helping with the development of ACORD standard placing messages.