Echo Re leverages ACORD for data exchange with Aon in Asia
Global reinsurer Echo Reinsurance (Echo Re) has adopted ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with brokerage giant Aon.
The extended integration of ADEPT allows Echo Re to interact with digitally enabled brokers and cedents around the world, and most recently enabled Echo Re to send and receive ACORD Global Reinsurance and Large Commercial (GRLC) accounting (EBOT) messages with Aon's Reinsurance Solutions in the Asia Pacific region.
Through connection to ADEPT, both Echo Re and Aon can seamlessly transact across the full ACORD GRLC accounting and settlement workflow.
Echo Re previously implemented ADEPT to digitise interactions with non-digitally enabled brokers and cedents. This initial usage of ADEPT provided Echo Re with structured data every time a transaction from a non-digitally enabled broker or cedent was processed, it said. Through ADEPT's integrated document digitisation tool, ACORD Transcriber, the resulting mappings were made available for all ADEPT users to leverage in the ADEPT GRLC Mapping Library.
ADEPT (ACORD Data Exchange Platform and Translator) facilitates real-time data exchange, translation, and transformation. It integrates with existing platforms, portals, and infrastructure to connect trading partners around the world, regardless of their existing level of data exchange maturity.
"As a constantly growing reinsurer with only limited resources for IT projects, we are always looking for state-of-the-art market options to enhance and automate our processes. With ADEPT we were impressed how fast and seamless the whole B2B implementation process went. In almost no time, we were able to test and finally receive messages in a live environment for Technical Accounts, Claims and Financial Accounts," said Nicole Kos, team lead technical accounting & claims, Echo Re.
"After only a few transactions, we can already see how considerably it reduces the administrative time spent on processing," Kos added. "This speedy implementation was possible thanks to the fact that Echo Re, as well as Aon, have already been using ADEPT as a platform so that literally it only needed the dots to be connected, and with each additional implementation it seems to become easier."
Louise Davies, Aon Reinsurance global eCommerce lead, said: "Aon's Reinsurance Solutions has been involved in Ruschlikon messaging for several years and remains committed to onboarding as many of our reinsurer markets as possible to maximize operational efficiency and payment performance. Our Asia team welcomed the opportunity to work with Echo Re and ACORD Solutions Group on what proved to be an expedient implementation. We look forward to future messaging expansion with Echo Re and continuing to grow the Ruschlikon community to better help our clients."
Chris Newman, executive vice president and global managing director, ACORD, added: "Through ongoing adoption and integration, ADEPT continues to connect trading partners, streamline processes, and increase efficiencies across the global insurance ecosystem. With this latest implementation and live usage of ADEPT, both Echo Re and Aon in Asia are experiencing real-time benefits of standardised data exchange. We are pleased to continue providing state-of-the-market capabilities like ADEPT to stakeholders around the world that keep driving the industry forward."
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