Transforming Digital Communication in Reinsurance with ADEPT
Echo Re Revolutionizes Digital Messaging with ADEPT Platform
In an exciting development in the insurance sector, Echo Re has adopted ACORD Solutions Group's ADEPT platform to facilitate real-time digital message exchange with Gallagher Re. This advancement marks a significant milestone in the industry's move towards seamless data integration and enhanced operational efficiencies.
Enhancing Efficiency with Real-Time Digital Exchange
ADEPT, which stands for ACORD Data Exchange Platform and Translator, enables instantaneous digital exchange of placing, accounting, and claims data across the global (re)insurance landscape. By integrating directly with existing systems of insurers and brokers, ADEPT eliminates barriers related to geography, data formats, and varying levels of digital maturity.
Echo Re is leveraging ADEPT to streamline its communication processes by doing away with manual downloads. This allows digital messaging from Gallagher Re to be integrated into their systems seamlessly, enhancing operational efficiency. As a result, Echo Re has seen a remarkable 50% reduction in the time needed for their teams to process Gallagher Re portfolios.
Significant Rollout Achievements
Nicole Kos, Head of Technical Accounting & Claims at Echo Re, emphasized the significance of this collaboration, stating, "The Gallagher Re implementation is our largest one-off e-messaging rollout to date. We are now able to exchange messages digitally with all B2B-enabled carriers of Gallagher Re, boosting our messaging volume by over 35%." Despite the project's scale, the smooth rollout can be attributed to the prior ADEPT experiences Echo Re had, and the close collaboration between the teams on data pre-cleanup and process alignment.
A Winning Partnership
Terry Calthorpe, Operations Director at Gallagher Re, praised the partnership, highlighting that Echo Re played a vital role in the inaugural cycle of B2B carrier implementations under the Gallagher Re brand. "This achievement is a major step forward and showcases our commitment to advancing ACORD Data Standards and Ruschlikon best practices. The exemplary collaboration between our teams made the entire journey from initiation to production truly rewarding," he said.
Redefining Collaboration Across the Reinsurance Industry
Chris Newman, CEO of ACORD Solutions Group, remarked on the implications of this integration, noting that by utilizing ADEPT, Echo Re and Gallagher Re are accelerating their core operations while redefining collaboration across the reinsurance industry. The platform serves as a crucial tool in ensuring secure and efficient communication channels between these global organizations.
About Echo Re
Founded in 2008, Echo Re operates as a wholly owned subsidiary of the DEVK Group, a leading mutual insurance organization in Germany with a robust policyholder base exceeding 4 million. Echo Re specializes in treaty reinsurance, offering extensive coverage across various lines of business from cedents located in regions like Asia-Pacific, the Middle East, Africa, Latin America, and the Caribbean.
About Gallagher Re
Gallagher Re is a premier global reinsurance broking and advisory firm, strategically operating across the spectrum of risk and capital. With a unique blend of analytics capabilities and reinsurance expertise, Gallagher Re provides clients with the tools needed to extract maximum value from their operations, achieve favorable terms, and meet their risk transfer goals. Their blue-chip client base spans top-tier insurance and reinsurance carriers worldwide, alongside numerous national catastrophe schemes.
About ACORD Solutions Group
ACORD Solutions Group was established to address critical industry demands through innovative digital solutions and services. Its enterprise-class solutions enhance the speed, cost-effectiveness, and accuracy of data exchange, connecting stakeholders across various dimensions regardless of legacy systems. As an extension of ACORD, the organization is dedicated to setting standards for the global insurance industry, ensuring that all participants benefit from progressive technological advancements.
Frequently Asked Questions
What is the ADEPT platform used for?
The ADEPT platform facilitates real-time digital exchange of data such as claims and accounting information across the global reinsurance industry.
Who benefits from the integration of ADEPT?
Both Echo Re and Gallagher Re benefit from improved efficiency and speed in processing data, allowing for enhanced collaboration within the reinsurance ecosystem.
What was the impact of the recent implementation for Echo Re?
The implementation led to a significant reduction in processing time for Gallagher Re portfolios by 50%, streamlining communication channels.
How does this technology improve communication?
ADEPT allows for seamless integration of digital messaging into existing systems, improving the reliability and speed of exchanges between insurance carriers.
What are the future implications of this technology in insurance?
The integration of ADEPT is set to redefine collaboration and efficiency across the reinsurance industry, paving the way for more innovative practices in data exchange.
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