TIW eAccounts solution is the Paperless submission of premium transactions from Brokers to Carriers for Bureau (XIS) and Non-Bureau (eBOT) and Ruschlikon markets, creating a unified single process regardless of type or location of insurer.
TIW eAccounts is tightly integrated to the Brokers back office system ledgers creating a seamless solution that reduces errors, reduce re-keying on submissions and improve data quality by giving both carriers and brokers exchange of structured .xml data. Improved operational efficiencies, transparency and cash movement can now be achieved from a single service.
Adopting eAccounts and eBOT for your bureau and non-bureau markets in the first instance is the first step (and there always has to be a first step) to creating a truly effective singular global accounting process for your organisation. Implementations of these services will continue to grow until all the major Carriers will only accept accounting transactions this way.
eAccounts from TIW Group are constructed as a single instance for each transaction, across all carriers, currencies and instalments, and comprises the following components:
- New processes ensure data is correct on a real time basis, and that queries are resolved as quickly as possible
- Speeds up the transfer of monies for all parties:-
- Premiums from broker to insurer
- Premiums from insurer to client captive
- Premiums from insurer to reinsurance broker or reinsurer
- Claims from insurer to broker to client
- Co-insurance payables & receivables
The Rüschlikon Initiative group’s global insurance and reinsurance industry organisations, established in an Industry Working Group, with the aim to build a solution for processing insurance and reinsurance transactions using the SWIFT platform and based on ACORD standards.
The ACORD “Resources Pyramid” contains a guide based on their standards for Accounting & Settlement (eBOT) and Claims (eCOT) which indicates how the RLC messages flow and interrelate.