Ruschlikon, the global community of insurers, brokers and reinsurers, has announced its formal cooperation with the London Market target operation model (TOM).
TOM is one of the four areas within the modernisation effort of the senior market wide body London Market Group. It aims to make doing business in London easier by reducing inefficiencies and related costs.
The community said it has started working with TOM, focusing on ensuring process and data consistency between Ruschlikon and electronic accounting for the London Market Bureau business.
It will also be focused on helping with the development of ACORD standard placing messages that will be globally applicable.
Ruschlikon’s primary purpose is to optimise administrative costs and enhance client services while also aiming to further automate back office processes. The community consists of major global players including AIG
Benfield, Guy Carpenter
, Munich Re
, SCOR, Swiss Re, Willis
Towers Watson and XL Catlin.
Ruschlikon unveiled its cooperation with the London Market as it announced its accomplishments in 2015.
The community reported that the number of accounting and claims transactions being processed electronically, based on ACORD standards, grew globally by 20 percent to around 1.2 million.
It added that the global community of insurers, brokers and reinsurers now totals more than 100 implementations across 6 continents in the re/insurance industry across all types of business.
“In 2015, Ruschlikon continued to systematically deliver and track benefits as a base for ongoing financial and operational improvements,” said Régis Delayat, Ruschlikon chair and SCOR chief information officer.
“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,” he added.
Delayat also said that 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.