Global reinsurer Echo Reinsurance (Echo Re) has entered into a partnership with ACORD Solutions Group as its strategic global messaging platform provider.
ACORD Solutions Group (ASG), the industry-owned extension of ACORD, develops solutions and services to help stakeholders throughout the industry by optimising their data.
Echo Re will be leveraging ASG’s ACORD Data Exchange Platform & Translator (ADEPT) as an integrated service to facilitate messaging integration for their global reinsurance business accounting activities.
ADEPT will also transform documents into structured ACORD GRLC placing, accounting, and claims data, as well as interface with existing eMessage-enabled partners.
Gregor Schulte, Chief Financial and Operating Manager at Echo Re said: “As a dynamic and growing reinsurance carrier, we are delighted that ADEPT enables us to leverage our deep business understanding with technology that allows for a further digitisation and automation of our business processes.
“Because ADEPT allows reinsurers to integrate their digital business processes, despite being restricted in internal development resources, we believe it can push the industry to market-wide standardised data exchange along the full reinsurance business lifecycle.”
Chris Newman, ACORD’s Managing Director, Global added: “Most of us would agree that the insurance industry as a whole found meeting the challenge of digitisation a tough one. Until now, the digitisation of data for large commercial risks has been an issue due to the vast array of systems and interfaces that have accrued over time across the market.
“Data integration is too variable and requires too much manual intervention. It needs to be embedded in the technology itself. We are delighted to help Echo Re, their trading partners, and the global industry truly leverage the benefits of digital modernisation.”