Ruschlikon unveils cooperation with the London Market

Ruschlikon, the community of re/insurers and brokers, has revealed it is cooperating with the London Market target operating model (TOM).

The community consists of a number of well-known companies including AIG, Aon Benfield, Guy Carpenter, Munich Re, SCOR, Swiss Re, Willis Towers Watson and XL Catlin.

Its primary purpose is to optimise administrative costs and enhance client services.

Ruschlikon’s key areas of focus while working with TOM are to ensure process and data consistency between Ruschlikon and electronic accounting for the London Market Bureau business and to help with the development of ACORD standard placing messages.

In late 2015, Ruschlikon formed a technology provider group aimed at increasing, broadening and simplifying global implementations of ACORD messages and Ruschlikon best practices.

James Willison, managing director of WebConnectivity, and Ian Summers, business development director at Sequel Business Solutions, were elected as co-chairs for the group.

In the report on 2015, Ruschlikon added that it had achieved a number of important milestones with the enlargement of its footprint.

According to the community, 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 community now totals more than 100 implementations across six continents in the re/insurance industry.

Régis Delayat, Ruschlikon chair and SCOR chief information officer, said:“In 2015, Ruschlikon continued to systematically deliver and track benefits as a base for ongoing financial and operational improvements.

“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. 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.”