Media
Xchanging signs contract to scale up technology infrastructure for the London insurance market
16 Jul 2010
LONDON, 16 July 2010 - Xchanging (LSE: XCH), one of the largest and fastest growing global business processors, has signed a contract with the leading London insurance market associations - the International Underwriting Association of London (IUA) and the Lloyd’s Market Association (LMA) to build an e-Accounts capability on the existing infrastructure. This capability will further enhance the electronic submission of Accounting entries to Xchanging by brokers and insurers. As part of the contract, Xchanging will also provide a Carriers’ Accounting Entries service. As a result, the creation of premium accounting splits, which is currently done by brokers, will be managed by Xchanging.
In 2005, Xchanging and the London market associations (IUA, LMA and the London Market Insurance Brokers’ Committee) embarked upon a programme to move the London insurance market from a paper-based to an electronic environment for improved efficiency and lower costs. The key technology component that underpinned this initiative was a document management system called the Insurers’ Market Repository (IMR). The new e-Accounts capability is part of the IMR.
The e-Accounts capability will deliver a number of benefits to insurers as well as brokers. It will enable earlier settlement of cash items through faster, standardised processes, increasing the flow of business to the London market. It will allow brokers to submit premium closing data to Xchanging using industry standard ACORD messages and largely eliminate rekeying data by Xchanging. It will reduce the work load for brokers in reconciliation of accounting entries and support a common accounting process for bureaux / non–bureaux premiums.
“This implementation will further streamline the premium accounting process with benefits for brokers and our members alike,” said David Matcham, Chief Executive of the IUA. “It will be another significant milestone in our continuing modernisation of the London market” he said.
Chief Executive of the LMA, David Gittings, said, “This is another key step in making the London market more attractive for brokers to deal with”.
David Andrews, CEO Xchanging added, “The e-Accounts project illustrates the market’s commitment to be the leader through technology powered processing”.
Xchanging designed, delivered and continues to operate the IMR for the London insurance market. The IMR is today the largest processor of ACORD messages – the global industry standard for message exchange. An average of 20,000 ACORD messages are processed on the IMR every day. With over 6,500 registered users worldwide and 250 connected brokers, managing agents and insurance companies, the IMR has delivered a fully electronic environment for faster, more accurate and reliable service to end customers. It has removed capacity constraints and standardised process across the London market to allow for growth. The IMR is a central part to the ongoing London market transformation programme.
For further information, please contact:
Xchanging
Meeta Thareja
Tel: +44 (0)20 7780 5374
meeta.thareja@xchanging.com
UK - Cardew Group
Tel: +44 (0)20 7930 0777
xchanging@cardewgroup.com
About Xchanging
Xchanging is one of the largest and fastest growing business processors. With a wide range of multinational customers in 42 countries and employing over 8,000 people, we are a truly global company. Our aim is simply to provide business processing services better, cheaper and faster.
Xchanging provides procurement, accounting, human resources and technology services across industries. These include banking, insurance, manufacturing, retail and real estate among others. We combine functional expertise with deep industry domain knowledge to provide industry-specific outcomes for our customers.
Listed on the London Stock Exchange in 2007, the company is in the FTSE250, the index of mid-capitalised companies traded on the London Stock Exchange. Xchanging is also a member of the FTSE4Good index which measures the performance of companies that meet globally recognised corporate responsibility standards.