Willis Accounting, the carrier interface from Willis Towers Watson, has now seen over $20 billion of premium submitted in its four years since inception.
The service is powered by the electronic platform EbixExchange from Ebix Europe, an international supplier of On-Demand software and E-commerce services to the re/insurance, financial, healthcare, and e-learning industries.
There are now 4,500 users of Willis Accounting across 950 carriers, and over 35,000 supporting documents have been shared electronically on the platform since January 2019.
The platform is designed to accelerate the process of agreeing premium transactions electronically, supporting financial reporting and improved reconciliation process.
“A great deal has been achieved since Willis Accounting was first deployed 4 years ago,” said Richard Brame, Head of Accounting & Settlement at Willis Towers Watson. “Working with Ebix, we have deployed an easy to use accounting portal which delivers faster reconciliation and query management leading to speedier agreement and cashflow.”
“With complete and accurate data sets, less re-work and a reduction in unmatched cash, data integrity is improved, and processes streamlined. There is no to cost to our carrier partners working with Willis Accounting and ultimately this delivers improved Client service,” Brame continued.
“In collaboration with EBIX, we see Willis Accounting as a real success and hope that the number of partners that we work with will soon pass the 1,000 carrier offices mark.”
James Pring, Ebix Europe Head of Sales and Account Management, also commented: “The global specialty (re)insurance market is at a crossroads, and digital transformation is at the centre of its future success.”
“In transitioning from non-standard, time consuming manual processes to a streamlined electronic interface through Willis Accounting, Willis Towers Watson has demonstrated its commitment to reforming and updating market processes, with all parties now benefiting from the quality, transparency and integrity of an electronic accounting and settlement performance.”
Pring further stated: “In September 2019, Willis Accounting turned four years old – an auspicious milestone calculated from when the first message was received in the production environment.”
“Momentum has been strong, and the huge volumes of data and premium that have been submitted through the platform have drastically reduced the amount of time spent on repetitive admin work, so that Willis and its clients can spend more time enhancing relationships and creating new opportunities,” he added.
“We look forward to continuing to work with Willis to build on the fantastic success of Willis Accounting to date.”
