18 September 2014 Insurance

Willis & CGSC to pilot Netsett platform

Willis and Cooper Gay Swett & Crawford (CGSC), along with Ruschlikon UK members, ACE, XL Group and Generali are set participate in the pilot of Xchanging and Deutsche Bank’s Netsett platform.

Xchanging added that it had signed a letter of intent with one of the world’s top three global insurers, to pilot the Netsett global platform in five business units across three continents- North America, Asia and Europe - an intra-group pilot similar to that undertaken by RSA during 2013.

The Netsett platform, originally launched as a concept in late 2012, provides global accounting and net settlement using structured data to enable the exchange and settlement of accounting information automatically and efficiently.

Max Pell, managing director, Xchanging Insurance Services, said: “Firstly I want to thank RSA for the focus and dedication employed in realising the benefits through the pilot, and for their continued support as they deploy across additional divisions. We are now delighted to welcome such a host of reputable market names to the Netsett platform; their confidence in Netsett’s abilities highlights the strength of the proposition.

“We recognise how important it is to work with the insurance sector, and to provide solutions that address its specific needs. Netsett is a prime example of this. We have used our expertise within the London market, and taken this out to a global audience – replicating some elements of the Bureau to bring the benefits of enhanced cash liquidity and operational cost savings to the international insurance market.”

Michael Spiegel, global head of trade finance and cash management corporates, global transaction banking, Deutsche Bank, added:“As a leading provider of financial services solutions to the insurance industry, we are delighted to welcome such esteemed names and communities to the Netsett platform and are confident that the results will quickly demonstrate the power and value of our longstanding collaboration with Xchanging.

"This solution to industry-wide problems springs from our commitment to delivering client-centric products and innovation, and we will go on to provide transformational changes for the insurance sector on the strength of this partnership.”

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