Initiative Builds on Successful Implementation of Electronic Claims File Initiative
London, February 1, 2007 — Guy Carpenter & Company Ltd., the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced that, building on the successful implementation of the Electronic Claims File initiatives in the London Market, it is now live with the Accounting and Settlement (A&S) Market Repository via the ACORD Document Repository Interface (DRI) standards, for premium submissions to Xchanging Ins-Sure Services.
“We have been working hard with the Programme Office and Xchanging to ensure Guy Carpenter’s full involvement in the market testing of this new process, and we are pleased to be able to report another successful implementation of a major London Market initiative,”
said Geoff Bromley, Guy Carpenter’s Chairman of European and Asian operations. “Our goal is to be at the leading edge of technology innovation, and we are glad to be in a position to continue to support process improvement in the London Market.”
These advances in the use of technology are important in realizing the benefits to all parties in driving for efficiency and productivity in the London Market. “The use of the repository eliminates the need for physical dispatch of documents from the Brokers’ offices to those of Xchanging at Chatham or Folkestone,” said Roy Maddison, Managing Director responsible for Client Support Services for UK clients, Guy Carpenter. “The documents are now transmitted electronically by the broker and are accessed by Xchanging immediately for further processing and signing of the premium values. We have been participating in a live pilot since November 2006 and are already seeing improvements in transaction execution and operational efficiency, with currently more than 750 successful DRI submissions to XIS.”
This is a preliminary stage within the overall London Market Accounting and Settlement initiatives of which Guy Carpenter is pleased to be a driving force. As part of the controlled live pilot, the firm completed the first live A&S DRI submission in the London Market, continuing its commitment to technology initiatives.
Guy Carpenter & Company, LLC is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm’s full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter’s Instrat� unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. Guy Carpenter’s website address is
www.guycarp.com.
