Case Study
Ruschlikon: creation of an interconnected digital reinsurance ecosystem
Automating the exchange of technical-accounting information between the transferor company and the various counterparties with extremely fast processing times and complete control over the quality of the data.
Where: international
Where: international
Challenge
In the reinsurance market, ceding companies usually exchange technical and accounting information with their counterparts via email and attachments. This results in very long processing times and high risks of human error.
Approach
The Ruschlikon initiative was created to homogenize and automate these exchanges, taking advantage of the ACORD insurance standards (specifically the ACORD 2016-10 standard) that have been globally recognized +50 years. Hence, processing times are dramatically decreased and the risk of errors virtually eliminated.
From an operational perspective, the client turned to C Consulting because we are the market leader in reinsurance and because our XLayers reinsurance solution is currently the only one already integrated with the IMDEP data exchange platform (created by ACORD Solutions Group) in the Italian market.
Digital Ecosystem
Solution
Digital Ecosystem
We provided XLayers' Ruschlikon module, which was specifically developed to integrate with IMDEP and fully automatically exchange all technical and accounting messages related to reinsurance.
The test involves a number of contracts between the client and Swiss Re, participating as a receiver. For these contracts, we access the test environment and produce all the technical-accounting data involved, using XLayers' Ruschlikon module. These data are then sent by XLayers to the IMDEP interchange hub, which redirects them to Swiss Re, which performs correctness and completeness checks and loads the received data into its own systems in order to trigger the usual back office processes.
The test, currently in its final stages, also includes the handling of any clarification request messages (queries) from Swiss Re, a process that is fully integrated into the XLayers platform.
Results
Rapid responses from the reinsurer
Timely and integrated information request
Comprehensive audit trail
Faster cash flow
Impacts
Technologies
Cloud
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