Echo Reinsurance Limited (Echo Re), a global reinsurer, has recently announced its adoption of ACORD Solutions Group’s ADEPT (ACORD Data Exchange Platform and Translator) to streamline digital data exchange with Guy Carpenter.
ADEPT, developed by ACORD, is designed to facilitate real-time data exchange, translation, and transformation, making it easier for industry partners to connect, regardless of their digital capabilities.
By leveraging ADEPT for Global Reinsurance and Large Commercial (GRLC), Echo Re can now exchange standardised accounting and claims messages with reinsurance broker Guy Carpenter, simplifying processes and enhancing collaboration.
Chris Newman, Executive Vice President and Global Managing Director at ACORD, emphasised Echo Re’s pivotal role in expanding the reach of their digital data exchange solutions within the industry.
ADEPT GRLC also extends Echo Re’s reach to Guy Carpenter’s offices in the IMEA region and other global trading partners.
Newman underscored the significance of this extended integration: “It will facilitate even greater connectivity between trading partners across geographies, company sizes, and digital enablement, driving enhanced digitalisation throughout the industry.”
Nicole Kos, Team Lead of Technical Accounting & Claims at Echo Re, shared, “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 also noted a notable reduction in implementation efforts and system changes, along with increased efficiency in daily message processing with each new connection.
“We can certainly recommend this approach for any smaller reinsurer using accounting software that supports e-messaging,” Kos added.
Thomas Lucas, Senior Vice President of Client Support Services at Guy Carpenter, expressed optimism about their usage of ADEPT. He noted, “The industry will realise significant benefits as the transition to more seamless digital solutions is achieved.”
“We were pleased to partner with Echo Re on their digital journey as we expand our messaging capabilities to the IMEA region and beyond,” Lucas added.
