Accounting and Settlement covers the establishment and payment of all monetary amounts against insurance policies related to both premiums and claims.
Currently over 95% of premium submissions are sent to the bureau run by Xchanging using the Insurers' Market Repository.
In 2011 we launched the first release of eAccounts - the technology that will enable premium and claims accounting submissions to be sent via ACORD standard structured messages. A second release of eAccounts will go live in 2012.
A&S for business not serviced via the bureau (responsible for around £7bn of net premium in London) is also supported by ACORD messages. This approach uses the same implementation guide and rule book as the Ruschlikon group for processing premium and claims payments between brokers and continental reinsurers.
For more information on these projects, follow the menu links on the left hand side.