Central accounting and net settlement services for the global (re)insurance market
The global (re)insurance market is an increasingly complex and regulated business. Integral to the success of the insurance market is the management of contractual performance and cash flow between brokers, cedents and carriers; including effective management across borders and currencies.
Netsett, Xchanging’s global initiative to address these issues, will take the benefits achieved within the London Market into the global market. Utilisation of the solution will act as a catalyst for change and provide the opportunity to achieve significant benefits across participating organisations.
Xchanging and Deutsche Bank, working with a number of global market participants and supported by the International Underwriting Association (IUA) and using ACORD messages, have validated the potential benefits of such a service. Following completion of a market study and conceptual design, the first release of Netsett is now live and in use. Additional features will be rolled out in later releases during 2013.
For an overview of Netsett and how it can help you improve operational efficiency, achieve better transparency and control and drive capital effectiveness, watch the video or download the factsheet.