Xchanging Plc., a business process, procurement and technology services company, and partner Deutsche Bank, announced several insurers who will participate in pilots of the Netsett platform.
The insurers, which include Willis, Cooper Gay Swett & Crawford (CGSC) and Ruschlikon UK members, ACE, XL Group and Generali, will work with the Netsett platform to demonstrate the value of trading between companies, also known as inter-company processing. The undertaking is similar to an intra-group pilot successfully undertaken by RSA during 2013.
The Netsett platform, which was released in the United Kingdom last week, offers accounting and net settlement using structured data. This enables the exchange and settlement of accounting information automatically. The RSA pilot demonstrated benefits including, halving both the number of steps involved and the number of people who touch each transaction. This reduced the settlement cycle from six weeks to two weeks, cutting bank charges and reducing the payment workflow process by 80 percent.
“We have been working closely with Xchanging and Deutsche Bank to ensure that the processes are aligned,” said Simon Squires, CPO regional manager for XL Group’s P&C insurance segment and chair of the Ruschlikon UK Group. “We now need to supplement our success with the ability to make net receipts and payments and I am delighted to announce that we have engaged in a pilot to further test and prove the Netsett business case for Ruschlikon, which will commence in Q1 next year.”
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