e-Accounting Expansion in the London Market Gains Pace
Willis and AIG Announce e-Accounting Implementation
London, UK, June 17, 2013 - The London-based operations of Willis Group Holdings plc (NYSE:WSH), the global
risk adviser and insurance broker, and AIG, a leading global insurer, today announced the successful launch
of a full electronic accounting process between the two companies, using the current (2010.2) ACORD data
standard and exchanging messages via TMEL (The Message Exchange Limited).
The announcement represents a significant expansion in the adoption of e-Accounting in the London Market, with both
Willis and AIG being members of the LMG Non-Bureau Working Group, forming part of an ongoing
London insurance industry modernisation initiative to reduce paper-based transactions and to improve accounting and settlement performance.
Whilst this is AIG’s first e-Accounting implementation, AIG becomes the eleventh live e-Accounting partner for Willis and
follows the announcement of Willis implementation with Amlin in Bermuda just two weeks ago.
Paul Owens, COO for Willis Limited stated: “Our e-Accounting roll-out programme is progressing at pace as we
look to double our list of e-Accounting partners in 2013. AIG is a very important carrier
partner for Willis and we are delighted to complete this implementation and secure the service improvements
and process efficiencies that e-Accounting brings.”
Richard Brame, Willis Accounting & Settlement Change Programme Director added: “AIG have been a great partner to
work with and we look forward to realising the benefits of e-Accounting with them. Our implementation
model is working well and we are on target to reach 20 live e-Accounting carrier partners
by the end of 2013. We hope to announce further implementations in the near future.”
Kate Roy, AIG’s Head of UK Operations said: “AIG is continually looking at ways to improve service
to our clients, making payment of premium easier, reducing our reliance on paper and improving the
overall settlement process. The introduction of e-Accounting and closer collaboration with our brokers will help enable
AIG to achieve this. This project with Willis has been a great success with a real
sense of partnership, and AIG is looking forward to working with Willis to expand the use
of e-Accounting capabilities further with our clients and across wider markets through the LMG sponsored Non
Bureau Working Group.”
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With
roots dating to 1828, Willis operates today on every continent with more than 17,000 employees in
over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics,
modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information
at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog
on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and
multinational clients with resilience for a risky world.
American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more
than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of
the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers
of life insurance and retirement services in the United States. AIG common stock is listed on
the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig |Twitter:
@AIG_UK | LinkedIn: http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of
American International Group, Inc. For additional information, please visit our website at www.aig.com. Products
and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not
all products and services are available in every jurisdiction, and insurance coverage is governed by the
actual terms & conditions of insurance set out in the policy or in the insurance contract.
Certain products and services may be provided by independent third parties. Insurance products may be distributed
through affiliated or unaffiliated entities. In Europe, the principal insurance provider is AIG Europe Limited.
Notes to Editors:
The Rüschlikon initiative is driven by a group of leading global (re)insurance companies, together with ACORD, to
further automate (re)insurance back office processes (technical accounting, claims, settlement) using ACORD RLC (Re)insurance and Large
Commercial) standards. The Rüschlikon Initiative’s mission is to reshape the (re)insurance industry, through the design and
implementation of processes that reduce operational cost and enhance client service The initiative Founder Members were
Willis, Swiss Re, Munich Re, SCOR, and Aon, working together with ACORD.
About London Market Group (LMG) Non Bureau Working Group:
The Rüschlikon Initiative has also influenced London Carriers with the formation of the London Market Group’s (LMG)
Non Bureau Working Group which includes representatives from Willis, AIG, Allianz, X/L, ACE, Generali, QBE, RSA,
and Aon Benfield. The group is supported by the LMG Secretariat and ACORD.
e-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with
insurance carriers. Through better synchronisation between brokers and carriers, the online system markedly improves client service
by enhancing the quality, transparency and integrity of the accounting and settlement process