Echo Re Leverages ADEPT to Drive Efficient Data Exchange with Aon in Asia

News provided by

Mar 15, 2023, 05:00 ET

ZURICH, March 15, 2023 /PRNewswire/ -- Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.

The extended integration of ADEPT allows Echo Re to interact with digitally enabled brokers and cedents around the world, and most recently enabled Echo Re 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, both Echo Re and Aon can seamlessly transact across the full ACORD GRLC accounting and settlement workflow.

Echo Re previously implemented ADEPT to digitize interactions with nondigitally enabled brokers and cedents. This initial usage of ADEPT provided Echo Re with structured data every time a transaction from a nondigitally 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.

ADEPT (ACORD Data Exchange Platform and Translator) 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.

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

"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 maximize operational efficiency and payment performance," said Louise Davies, Aon Reinsurance Global eCommerce Lead. "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."

"Through ongoing adoption and integration, ADEPT continues to connect trading partners, streamline processes, and increase efficiencies across the global insurance ecosystem," said Chris Newman, Executive Vice President and Global Managing Director, ACORD. "With this latest implementation and live usage of ADEPT, both Echo Re and Aon in Asia are experiencing real-time benefits of standardized data exchange. We are pleased to continue providing state-of-the-market capabilities like ADEPT to stakeholders around the world that keep driving the industry forward."

About Echo Re

Echo Re was founded in 2008 and is a wholly owned subsidiary of the German DEVK Group. Its treaty reinsurance portfolio covers all P&C and a broad range of specialty lines of business from cedants in Asia, the Middle East, Africa, Latin America and the Caribbean.

With Gross Written Premium close to CHF 300m and a strong capital base, we are able to offer our cedants a sustainable and efficient reinsurance protection.

About Aon

Aon plc exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on LinkedIn, Twitter, Facebook and Instagram. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.

Aon UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500.

About ACORD Solutions Group

ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. Learn more at www.acordsolutions.com.