Xchanging, the business process, procurement and technology services provider, and Deutsche Bank have jointly launched technology platform, Netsett.
The platform provides global accounting and net settlement, using structured data to enable the exchange and settlement of accounting information automatically and efficiently.
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It facilitates the transfer of claims and premium data both within global insurance groups and between global cedents, brokers, and carriers, building upon the principles and benefits enjoyed by the London insurance market, Xchanging said.
Piloted in 2013 with RSA, Netsett proved to increase RSA’s capital efficiency by 80%, streamlined operational efficiency by 50% and increased transparency and controls for users, resulting in a 0% reconciled cash or ledger items.
In addition, a separate e-accounting pilot between carriers and brokers utilising peer to peer technology and processes is underway.
Max Pell, managing director of Xchanging Insurance Services, said: "When we launched the Netsett pilot, we knew the offering had the potential to transform the insurance market.
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By GlobalData"This latest pilot is testament to the success of the proposition, and the confidence that our customers have in the service. We are pleased to be working with such respected names within the global insurance market."
