Willis and ACE Achieve e-Accounting First in London Insurance Market
London, UK, August 24, 2011 -The London-based operations of ACE, a leading insurance company, and Willis Limited,
the UK insurance broker, today announced the successful launch of a full electronic accounting process between
the two companies -a London Market Group (LMG) Non Bureau project first.
e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with
insurance carriers, and replaces paper in the accounting and settlement process.
e-Accounting substantially improves the quality, integrity and certainty of process, allowing Willis and carriers to synchronise their
operations and improve client service. Implementation benefits include:
- prompt advice of premium and claims due, enabling simpler reconciliation
- improved settlement cycle resulting in speedier
premium and claim settlement
- the secure exchange of critical closing and settlement information
in queries and early query resolution
Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “London Market modernisation has long
advocated the elimination of paper from the process and the introduction of electronic accounting. This is
a major reform that will show benefits for both parties in the future.”
Kevin Ahern, Head of Accounting & Settlement for Willis Limited, commented: “Our work with ACE has been
a true collaboration -we were able to deploy a skilled implementation team, using our comprehensive repeatable
model, to ensure ongoing benefit for both companies. This market first went from concept to implementation
in seven months and lays the foundation for further implementations with other carrier partners in the
Peter Houston, Head of Operations for UK and Ireland, ACE European Group said, “ACE are continually looking
at ways to improve service to clients, making payment of premium easier and payment of claims
faster. e-Accounting and closer collaboration with our clients will enable ACE to achieve this.
“This project with Willis has been a great success with a real sense of partnership, and ACE
is looking forward to working with Willis to expand the use of e-Accounting capabilities further with
our clients and the wider market through the LMG sponsored Non Bureau project.”
Willis is one of the founding members of the Rüschlikon initiative and both Willis and ACE are
members of the LMG’s Non Bureau Working Group, of which this implementation is the first (see
notes to editors below for more information).
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers
professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries,
with a global team of approximately 17,000 employees serving clients in virtually every part of the
world. Additional information on Willis may be found at www.willis.com.
ACE is well known for its experience and expertise in catering for medium to large clients worldwide.
In the UK & Ireland ACE is structured into two core segments:
The Corporate Risk segment provides property, casualty, accident & health and other specialty insurance products. Target clients
are broadly defined as those with turnovers of more than £5m and 50 plus staff with
conventional insurance programme requirements.
The Major Risks segment provides property, casualty, accident & health and other specialty insurance products. Major Risks
clients are broadly defined as companies with a turnover of greater than £500m and employing a
full time global risk manager requiring non-conventional insurance programmes.
ACE UK & Ireland’s five regions are:
·Ireland (Dublin and Belfast) · Scotland (Glasgow) · The North (Leeds, Manchester, Newcastle) · Midlands (Birmingham) ·
London and South East (London, Maidstone, Reading, Watford)
ACE European Group is part of the ACE Group, a global leader in insurance and reinsurance serving
a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500
stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in
more than 50 countries. ACE’s core operating insurance companies – including ACE European Group Limited –
hold financial strength ratings of AA-(Very Strong) from Standard & Poor’s and A+ (Superior) from A.M.
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