“Effikacy dramatically reduced the amount of manual input, leading to a marked improvement in overall efficiency”
Effikacy, our flagship product suite, works to enhance the substantial benefits promoted by Ruchlikon’s e-accounting initiative by improving the efficiency, quality, transparency and integrity of both data and process.
The increase in digital efficiencies delivered by Effikacy’s core data integration module, markedly improves both metrics and business benefits, with a 10% overall improvement in settlement timescales and service efficiencies and 75% overall improvement in operational efficiency, when compared to the current process, which remains only partially automated.
Through flexible integration between the Carrier’s ACORD gateway or MMT (message management tool) and their Policy Administration Systems (PAS), Effikacy markedly improves the current process and delivers the following business benefits:
Increased through elimination of paper files by:
• 80% improvement in efficiency when processing Technical Account (TA) information 99% improvement in efficiency when processing Financial Account (FA) information
• An overall improvement in operational efficiency of 75%
Profitability and Cashflow:
Insurers receive their premiums from brokers, or cedant, over 10% faster, significantly improving cash flow
Significant cost savings are generated by headcount realignment from processing accounts to more detailed analysis and specialised projects
Significant reduction in managers’ account approval review
Further cost savings made though the alignment of bureau and non-bureau processing increases by 20% when compared to current Ruschlikon process
• 100% guaranteed accuracy on all messages passed through eFfikacy
Because Insurers process their claims faster, they can make settlement to their customers 10% quicker
Auditable Data and Regulatory Compliance:
All data passed Effikacy is 100% auditable. Automating the cash matching function supports carriers with compliance obligations for regulation such as Solvency II and SOX.
• Automated reconciliation of all messages received by the Carriers significantly improves controls
• Effikacy’s core functionality can be rapidly deployed as a ‘plug and play’ application, which means it can be implemented within insurers’ existing systems in 12 to 16 weeks.
Low Entry Cost
Because Effikacy integrates with the carrier’s existing PAS and gateway systems, entry cost is low because the technology and functionality are already in place. Delivering faster ROI
Effikacy integrates the ACORD gateway with the policy and claim administration system (PAS), providing straight through processing of EBOT, ECOT and ACORD4ALL messages.
Current e-accounting methods involve Bureau and non-Bureau TA and FA messages being processed manually with any subsequent acknowledgements, or queries, needing to be generated manually through the MMT. This cumbersome process can require up to 11 manual interventions as TA and FA messages are transferred between broker and Carrier. By using Effikacy, 8 of those 11 manual interventions are fully digitised.