Reinsurance News

Echo Re leverages data exchange platform ADEPT to connect with Aon

16th March 2023 - Author: Kassandra Jimenez-Sanchez

Reinsurer Echo Re, a wholly owned subsidiary of the German DEVK Group, has announced it has expanded its usage of ADEPT to drive efficient data exchange with Aon.

big-dataAccording to the announcement, the extended integration of the ACORD Data Exchange Platform and Translator (ADEPT) – built by ACORD Solutions Group – will allow Echo Re to interact with digitally enabled brokers and cedents around the world.

Most recently, it enabled the reinsurer 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, the reinsurer highlighted, both Echo Re and Aon can seamlessly transact across the full ACORD GRLC accounting and settlement workflow.

Nicole Kos, Team Lead Technical Accounting & Claims, Echo Re, said: “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.

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“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.”

She added: “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.”

Echo Re previously implemented ADEPT to digitise interactions with non-digitally enabled brokers and cedents. This initial usage of ADEPT provided the reinsurer with structured data every time a transaction from a non-digitally 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, Echo Re explained.

ADEPT 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.

Louise Davies, Aon Reinsurance Global eCommerce Lead, commented: “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 maximise operational efficiency and payment performance.

“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.”

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