LONDON, UK, July 14th, 2022 – AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, today announced that it will be implementing ACORD Solutions Group’s ADEPT platform to facilitate data exchange with its broker trading partners.
ACORD Solutions Group is the industry-owned technology subsidiary of ACORD, the global standards-setting body for the insurance industry. Its ADEPT (ACORD Data Exchange Platform & Translator) provides real-time data exchange, translation, and transformation. AXIS Re, an ACORD member and user of the ACORD Global Reinsurance and Large Commercial (GRLC) Standards, will initially leverage ADEPT to automate ACORD GRLC Accounting (EBOT) and Claims (ECOT) transactions with global reinsurance broker Guy Carpenter.
“We’re excited to begin implementing ADEPT at AXIS Re,” says Benedikt Schmid, Chief Information Technology Officer for AXIS Re. “With this new platform, we increase efficiency and productivity in many areas of our operations, such as claims and accounting, allowing our people to focus on other priorities.”
ADEPT will streamline AXIS Re’s intake of Non-proportional and Proportional Treaty Statements and Invoices from its clients by automating the process, eliminating the inefficiency and potential inaccuracies involved with manually rekeying the data.
“One of our priorities at AXIS Re is optimizing our operations to better serve our clients and partners, and support our people,” says Mr. Schmid. “We are delighted to be partnering with ADEPT and Guy Carpenter in this innovative initiative.”
ADEPT also gives AXIS Re the potential to scale its connectivity to link with other eMessage-enabled brokers and cedents, as well as the ability to digitise documents from non-eMessage enabled brokers and cedents via the integrated ACORD Transcriber solution, and convert them into fully digital messages.
“We are pleased to partner with AXIS Re to increase efficiency both within the organisation and with its trading partners throughout the global reinsurance industry,” said Chris Newman, ACORD’s Managing Director – Global. “As a next-generation market capability, ADEPT will enable AXIS Re to exchange critical data digitally in real time, supporting greater speed, accuracy, and consistency than manual processes.”
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at March 31, 2022 of $5.1 billion and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor’s and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.