Business process, procurement and technology services provider, Xchanging plc has partnered with Deutsche Bank and five key clients to launch Netsett, a platform that provides global accounting and net settlement support. The Netsett platform launched in 2012 and significantly lowered the number of steps and people involved in each transaction. It reduced the settlement cycle from six weeks to two weeks, cut bank charges and was able to decrease the payment workflow process by close to 80%.
In addition, a letter of intent was signed by a top global insurer to pilot the Netsett global platform in five of its business units on three continents: North America, Asia and Europe.
The five clients participating in the pilot platform for inter-company processing are: Willis; Cooper Gay Swett & Crawford; and Ruschlikon UK members Ace, XL Group and Generali.
"The recent announcement comes after many months of discovery with the companies named, and for the first time offers us the opportunity to pilot the platform with brokers and carriers to deliver the full business cycle," said Max Pell, managing director of Xchanging's UK Insurance Business. "We are delighted at the commitment shown by the companies that have signed to the pilot, and look forward to working with them as we further develop the platform that we believe will transform the global insurance market."
In a 2013 pilot with RSA, Netsett increased capital efficiency by 80%, operational efficiency by 50%, and increased transparency and control for users, while resulting in no unreconciled cash. The benefits included improved cash flow, operational savings and reduced bank charges.
"ACE is very much committed to the process of market modernisation and to its key principles, of which e-accounting is one of the most important," said Peter Houston, head of operations, UK & Ireland, ACE European Group and a member of the UK Ruschlikon Group. "We have therefore worked closely with the other participants during the pilot to ensure that Netsett complements the successful Ruschlikon processes and helps bring to completion the work on accounting and settlement, further driving efficiency gains for our own business and for the wider marketplace."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
