Echo Re, Guy Carpenter set up digital data exchange
Echo Re, Guy Carpenter set up digital data exchange | Insurance Business Canada
Reinsurance
Echo Re, Guy Carpenter set up digital data exchange
It allows the reinsurer to connect across other offices in the IMEA region
Reinsurance
By
Kenneth Araullo
Echo Reinsurance (Echo Re) has announced its adoption of ACORD Solutions Group’s ADEPT platform to facilitate automated digital data exchanges with Guy Carpenter.
The utilization of ADEPT for Global Reinsurance and Large Commercial (GRLC) transactions was described as a milestone for Echo Re, allowing the company to exchange standardized accounting and claims messages with Guy Carpenter efficiently.
In addition, ADEPT’s GRLC capability extends Echo Re’s ability to connect with Guy Carpenter’s offices managing business in the IMEA (India, Middle East, and Africa) region, as well as with other trading partners globally.
ADEPT, developed by ACORD Solutions Group, supports real-time data communication, enabling the transformation and translation of data across the industry. Notably, two other reinsurers – Nacional Re and TransRe – have announced their own utilization plans for the platform.
Nicole Kos, team lead technical accounting & claims at Echo Re, shared insights on the company’s journey with ADEPT, noting the growth in automated transactions since the initial implementation of B2B messages in early 2023.
“After the first successful implementation of B2B messages via ADEPT at the beginning of 2023, we are proud that we could further grow the number of transactions that are processed automatically with the implementation of the carriers Guy Carpenter UK in November 2023, as well as Guy Carpenter South Africa in February 2024,” Kos said.
Kos also highlighted the reduced effort in testing and system adaptations, as well as the increasing synergies in processing incoming messages with each additional carrier, recommending this approach for smaller reinsurers using compatible accounting software.
Thomas Lucas, senior vice president of client support services at Guy Carpenter, emphasized the broader industry benefits of transitioning to digital solutions.
“The industry will realize significant benefits as the transition to more seamless digital solutions is achieved,” Lucas said.
Echo Re has also capitalized on ADEPT and the integrated ACORD Transcriber to digitize interactions with brokers and cedents not equipped with digital capabilities. Since 2023, the company has been leveraging ADEPT to connect with Aon’s Reinsurance Solutions in the Asia-Pacific region.
Chris Newman, executive vice president and global managing director at ACORD, commended Echo Re’s role as a pivotal partner in expanding the reach of digital data exchange solutions.
“A longstanding partner of ACORD Solutions Group, Echo Re has been a key collaborator in reaching more industry stakeholders with our leading-edge solutions for digital data exchange,” Newman said.
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