Accounting

Accounting & Settlement

The accounting module digitises the back office process and caters for business processed to the London Market bureau and where business is accounted for directly between trading partners. Insurance Brokers can use the Accounting solution to submit LPAN’s or data rich ACORD EBOT messages to the bureau or the latter directly to a Carrier. Equally, a Carrier organisation can also utilise the Accounting module in the same way but instead to receive EDI files from the Bureau, subscribe to the ACORD4ALL message or receive EBOT files directly from the broker.

All of these methods help to reduce the manual process involved in the accounting, settlement and reconciliation phase. The ability to send and receive structured financial data eradicates unallocated cash and speeds up the transfer of funds, whilst providing a clear and secure audit trail.

Not all Brokers/Carriers have the ability to send/receive ACORD standard EBOT/ECOT messages. This can be an issue, however Ebix has solved this problem by creating a bespoke platform to aid this process.

Brokers can provide this platform to their partner Carriers for them to receive and accept the technical and settlement data. The platform is web based, easy to use and is already used by over 900 companies globally.

An ACORD enabled Carrier can provide this platform to their producing Brokers which in turn can transform Spreadsheets and PDF’s into the ACORD EBOT/ECOT format for the carrier to use.

There is a trend of companies moving toward the new EBOT/ECOT technology with Ebix being at the centre of this drive. Over the last few years the number of companies adopting this process and data rich solution is growing at a fast pace.

Broker

A&S submission to XIS:

The Accounting and Settlement service provides an option for Brokers to submit LPAN work packages to the XIS using DRI messaging. The integration service removes the need for a Broker to key in the details manually using the direct load facility method. This service is initiated directly from a Broker’s administration system and provides status updates and responses when received.

EBOT submission to XIS:

Utilising the already proven ACORD TA and FA schema, a Broker can submit structured XML data to XIS for processing. This process is initiated directly from a Broker’s administration system with status updates and responses received on the Broker platform when available.

EBOT submission directly to Carrier:

Ebix’s electronic accounting solution allows a Broker to submit premium/settlement data directly to Carriers using the secure, consistent and data rich ACORD EBOT standard. This process is already established and adopted within the global insurance market with some of the largest insurance Brokers/Carriers already involved.

Carrier

Receiving EDI from XIS:

EDI messages are sent out by XIS to Carriers, however not all Carriers have the ability to consume the EDI message. Ebix can act as the recipient of the EDI message for the Carrier and then convert this message into XML or a file format of their choosing.

Receiving ACORD4ALL from XIS:

ACORD4ALL messages can be sent out by XIS to Carriers instead of the EDI format. Ebix can act as the recipient of the ACORD4ALL message for the Carrier. This data can be stored with the carriers non-bureau accounting data so they have one location for all messages.

Receiving EBOT submission directly from Broker:

Ebix’s electronic accounting solution allows a Carrier to receive premium/settlement data directly from Brokers using a secure, consistent and data rich ACORD EBOT standard. This process is already established and adopted within the global insurance market with some of the largest insurance Brokers/Carriers already involved.

Benefits

  1. Reduces manual data entry and manual document handling

    - Process is more efficient

    - Team can focus on error resolution

  2. Speed up error resolution

    - TA generated soon after binding

  3. Easier reconciliation

    - Easier to match up TA and FA as they are linked

    - Fewer queries – single version of the truth

  1. Speeds up money transfer

    - Premiums by 30%

    - Claims by 40%

    - Settlement no longer driven by reconciliation

    - FA sent as soon as amount is payable

  2. We have seen over 710,394 Technical Accounts received of which 95.5% of transactions were agreed first time
  3. Tried and tested technology supporting over 5,000 users across over 950 carriers.

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