Willis Group Holdings is rolling out Willis Accounting, a global electronic accounting platform that aims to speed up cash flow and settle claims more quickly on behalf of clients.
The insurance broking and risk advisory group said that the launch follows a successful pilot of Willis Accounting, which replaces paper and email delivery of statements with automatic electronic messaging through an online portal.
The new platform will speed up premium transactions and claim settlements with carriers and clients. Willis will supply the online portal to around 1,100 carrier partners around the world with comprehensive training materials.
“Clients of Willis as well as underwriters will see significant benefits from the new electronic system including enhanced cash flow, reduced risk though guaranteed data delivery and quicker claims settlement,” the group promised.
According to David Shalders, its group operations and technology director, Willis Accounting will also accelerate the process of agreeing claim and premium transactions, support financial reporting and improve the reconciliation process.
Willis Accounting has been developed in partnership with the software company Ebix, whose vice president and Head of Ebix Europe, Jeff Ward added: “This will rapidly accelerate the worldwide adoption of ACORD Ruschlikon at a speed and cost that peer-to-peer messaging can simply never achieve. The twin goals of faster settlement and the eradication of unallocated cash are now significantly closer.”
By 2030 artificial intelligence will add more than US$15 trillion to the world economy according to the group’s research, but most of that gain will go to North America, Europe and Asia.
Companies are warned that they must improve their resilience, as incidents such as this week’s ‘Petya’-style attack become increasingly common.
A report by the Lloyd’s of London insurance market finds that the sector is second only to financial services as the target of attacks.