The first transmission tests with ACORD Ruschlikon standards were carried out with XLayers by C Consulting, taking just a few minutes to exchange information between the various players in the (re) insurance world, which today require more than 15 days.
Thanks to the XLayers software from C Consulting, the Engineering Group company specialized in solutions for the insurance and reinsurance market, the first transmission tests of tracks with the ACORD Ruschlikon standard customized for the Italian market have been successfully launched. It is the first worldwide project to implement an interconnected digital re-insurance ecosystem, to send and receive technical-accounting data and information, including payments, between insurers, brokers and reinsurers.
Giuseppina Volpi, General Director Digital Finance of Engineering, stated: "Engineering, also thanks to C-Consulting solutions such as XLayers, is a Digital Transformation Company increasingly at the forefront of innovating and digitizing the finance and insurance market, in which the need for automation and intelligent management of the enormous amount of data exchanged between insurers and reinsurers, both nationally and internationally, is very high. "
Aldo Capurro, CEO of C-Consulting (Engineering Group) and member of the Steering Committee of RIGI (Ruschlikon Implementation Group Italy) added "It is the first time that in the (Re) Insurance sector there is the opportunity to use a market hub to digitally exchange the technical-accounting data of reinsurance which all operators can access by speaking the same "language" in terms of standards. The project was carried out in two years, moreover in a difficult context, thanks to the intense and passionate work of companies, brokers, reinsurers and IT providers. A new era also begins for the (Re) Insurance world through this digital solution that has been designed to facilitate exchanges, tangibly helping the work of colleagues operating in the field. Furthermore, being part of the Engineering Group represented a huge growth opportunity for C-Consulting, both in terms of completing the expertise in financial consulting, and in terms of international expansion where Engineering already operates".
The transmission tests, shown live to over 60 companies that adopt XLayers and other companies in the Italian market, have shown how Ruschlikon, fully fulfilling the requirements of the GDPR, allows exchanges of information that currently require more than 15 days. The project will become fully operational and available to insurers, brokers and reinsurers in January 2023.
Acquired 100% by the Engineering Group last December, C-Consulting is a company that, in 20 years of operations and with a team of 60 people, has been able to achieve solid market leadership by radically innovating the complex and delicate reinsurance process of the Companies. A goal achieved thanks to state-of-the-art proprietary technological solutions such as XLayers, as well as the deep knowledge of IFRS and Solvency II regulations, which allow it to support the client with a consultancy service based on solid skills, a fundamental starting point for success. process review.
XLayers is the C-Consulting solution conceived as a digital ecosystem capable of managing, in a simple and intuitive way, all active and passive reinsurance processes and all aspects of sales and retrocessions, from the technical to the administrative and reporting. Designed for insurance companies and groups, it is multi-currency and manages proportional and non-proportional, mandatory and optional reinsurance.