ADEPT (ACORD Data Exchange Platform and Translator) facilitates real-time data exchange, translation, and transformation. It integrates with existing platforms, portals, and infrastructure to connect trading partners around the world, regardless of their existing level of data exchange maturity
Through connection to ADEPT, both Echo Re and Aon can seamlessly transact across the full ACORD GRLC accounting and settlement workflow
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
The extended integration of ADEPT allows Echo Re to interact with digitally enabled brokers and cedents around the world, and most recently enabled Echo Re to send and receive ACORD Global Reinsurance and Large Commercial (GRLC) accounting (EBOT) messages with Aon’s Reinsurance Solutions in the Asia Pacific region.
Through connection to ADEPT, both Echo Re and Aon can seamlessly transact across the full ACORD GRLC accounting and settlement workflow.
Echo Re previously implemented ADEPT to digitize interactions with nondigitally enabled brokers and cedents.
This initial usage of ADEPT provided Echo Re with structured data every time a transaction from a nondigitally enabled broker or cedent was processed.
Through ADEPT’s integrated document digitization tool, ACORD Transcriber, the resulting mappings were made available for all ADEPT users to leverage in the ADEPT GRLC Mapping Library.
ADEPT (ACORD Data Exchange Platform and Translator) facilitates real-time data exchange, translation, and transformation. It integrates with existing platforms, portals, and infrastructure to connect trading partners around the world, regardless of their existing level of data exchange maturity.
“As a constantly growing reinsurer with only limited resources for IT projects, we are always looking for state-of-the-art market options to enhance and automate our processes. With ADEPT we were impressed how fast and seamless the whole B2B implementation process went. In almost no time, we were able to test and finally receive messages in a live environment for Technical Accounts, Claims and Financial Accounts,” said Nicole Kos, Team Lead Technical Accounting & Claims, Echo Re.
“After only a few transactions, we can already see how considerably it reduces the administrative time spent on processing. This speedy implementation was possible thanks to the fact that Echo Re, as well as Aon, have already been using ADEPT as a platform so that literally it only needed the dots to be connected, and with each additional implementation it seems to become easier.”
“Aon’s Reinsurance Solutions has been involved in Ruschlikon messaging for several years and remains committed to onboarding as many of our reinsurer markets as possible to maximize operational efficiency and payment performance,” said Louise Davies, Aon Reinsurance Global eCommerce Lead. “Our Asia team welcomed the opportunity to work with Echo Re and ACORD Solutions Group on what proved to be an expedient implementation. We look forward to future messaging expansion with Echo Re and continuing to grow the Ruschlikon community to better help our clients.”
“Through ongoing adoption and integration, ADEPT continues to connect trading partners, streamline processes, and increase efficiencies across the global insurance ecosystem,” said Chris Newman, Executive Vice President and Global Managing Director, ACORD. “With this latest implementation and live usage of ADEPT, both Echo Re and Aon in Asia are experiencing real-time benefits of standardized data exchange. We are pleased to continue providing state-of-the-market capabilities like ADEPT to stakeholders around the world that keep driving the industry forward.”
”Nifty fell for the fifth consecutive session on March 15 as worries over banking contagion in the developed world continued to hurt sentiments…An uneasy calm fell on world markets on Wednesday, with efforts by regulators and financial executives to ease contagion fears sparked by the collapse of Banks in the US improving sentiments though investors seemed not sure about how long will this last,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
India’s exports dipped in February for the third consecutive month by 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday.
Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year.
In Asian markets, Shanghai, Tokyo, Hong Kong and Seoul ended in the green. However, European equity markets were trading with significant losses in the afternoon trade after investor sentiments were further roiled by concerns over Credit Suisse after reports that its largest investor Saudi National Bank would not provide any more funding to the Swiss lender.
European stocks went into a tailspin in late trade while US stocks were also deep in the red. Major indices on Wall Street settled higher in the overnight trade. Meanwhile, the rupee declined 28 paise to close at 82.65 against the US dollar on Wednesday. International oil benchmark Brent crude gained 0.72 per cent to USD 78.01 per barrel. Foreign portfolio investors (FPIs) offloaded shares worth Rs 1,271.25 crore on Wednesday, according to exchange data.