Xchanging launches Netsett
Xchanging, the business process, procurement and technology services provider, and Deutsche Bank have launched technology platform Netsett. It was successfully piloted with RSA throughout 2013.
The platform provides global accounting and net settlement, using structured data to enable the exchange and settlement of accounting information automatically and efficiently.
It facilitates the transfer of claims and premium data both within global insurance groups and between global cedants, brokers, and carriers, building upon the principles and benefits enjoyed by the London insurance market.
Piloted with RSA throughout 2013, the platform increased capital efficiency by 80 percent, streamlined operational efficiency by 50 percent, and increased transparency and control for users, resulting in 0 percent unreconciled cash or ledger items.
Xchanging added that this in turn leads to improved cash flow, operational savings, FX cost savings, and reductions in banking charges.
“As well as these financial benefits, it provides access to enhanced management information, and greater control over regulatory risk and compliance. The RSA pilot is now complete and has resulted in a further utilisation and roll out within the RSA group,” said the technology services provider.
A separate e-accounting pilot between carriers and brokers utilising peer to peer technology and processes is underway.
Max Pell, managing director, Xchanging Insurance Services, said: “Netsett was developed using our experience of the London market and our unique partnership with Deutsche Bank. This combined investment allows us to address global issues and offer an innovative solution to a worldwide audience.
“When we launched the Netsett pilot, we knew the offering had the potential to transform the insurance market. We are delighted with its success, and proud of the results that we have achieved. This latest pilot is testament to the success of the proposition, and the confidence that our customers have in the service. We are pleased to be working with such respected names within the global 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 were delighted to leverage our existing platform strength and renowned FX capabilities to bring the best resources to this collaboration with Xchanging. This solution to industry-wide problems springs from our commitment to client-centric products and innovation, and will go on to provide transformational changes for the insurance sector on the strength of this partnership.”
