Establishes a platform to enable faster and cheaper accounting and settlement of (re)insurance transactions.
For reinsurance carriers, brokers and insurers who place reinsurance business (through brokers or directly), who wish to improve cash flow and reduce operational costs by automating post-placement accounting and settlement transactions, the SWIFT Insurance service provides a platform to achieve just that. Unlike peer-to-peer messaging solutions, email exchanges and other unstructured communications, our service ensures that all messages are validated against relevant industry rulebooks, and will grow to host and integrate many new value-added automation services, such as payments initiation, counterparty performance monitoring and netting over the coming years.
SWIFT was commissioned to establish this platform in 2008, facilitating automation and thereby improving efficiency. Led by an Industry Panel formed for the project, chaired initially by SwissRe, the community will move its ACORD accounting and settlement communications processes onto the new SWIFT Insurance service. The aim is to achieve greater discipline on use of standards, harmonisation of business processes, extension and scalability of automation, and reduction of operational risk and cost as a direct result.
Initially, the project’s core value proposition is the harmonisation of accounting and settlement processes for Reinsurance and large Corporate insurance transactions, as defined in the Rüschlikon Initiative Rulebook. This defines the rules and target business process performance standards to which the community is committed to achieve over time, which represents a dramatic improvement on performance achieved by the industry to date.
The service will enable exchange of both structured ACORD messages and attachments for processing reinsurance premium and claims accounting transactions.
It is intended to progressively deliver more value-added services as the customer base and message volumes increase.