Advisen Press Release: Xchanging and Advisen to Launch ACORD Hub in London Market

Advisen

XCHANGING AND ADVISEN TO LAUNCH ACORD MESSAGING HUB AND RELATED VALUE-ADDED SERVICES

8 May 2007 – London – For immediate distribution

In response to recent requests for information from leading market firms and from industry journalists, Xchanging and Advisen issue the following joint statement:

 

Xchanging and Advisen confirm plans to jointly launch an ACORD messaging hub to all brokers and insurers in the London Market.

 

The messaging hub will support message traffic for placement, endorsements, accounting & settlement and electronic claims, whether in a peer-to-peer or bureau-based trading model.

 

Firms connected to the messaging hub will reduce the cost and improve the efficiency of peer-to-peer and bureau-based trading over ACORD standards by replacing multiple partner connections with a single link to a central hub.

 

All firms with existing ACORD gateways, including those connected to the Insurers’ Market Repository, will be able to access the messaging hub and make use of related services.

 

Related value-added services of the messaging hub will include connection management, message handling, message archiving, and ACORD version translation. In addition, the messaging hub will interface with Advisen’s on-demand information, analytics and workflow applications. 

 

Integration is also planned between the messaging hub and the existing Xchanging Distribution Hub (XDH) service that provides highly flexible message distribution and translation services for legacy bureau Electronic Data Interchange (EDI) messages to more than 200 brokers and insurers.

 

This integration with the XDH will translate from EDI to ACORD and help speed the market towards widespread use of ACORD standards. Further, the messaging hub will be interoperable with platforms provided by other service providers so long as those platforms use ACORD standards.

 

Xchanging and Advisen will soon announce a complete list of services to be offered and pricing options.

 

For more information:

 

Jonathan Bradshaw, Managing Director of Implementation, Insurance Sector, Xchanging.  +44 (0) 207 780 5273

 

Mason Power, Managing Director of Advisen Europe

+44 (0) 20 7929 6929

mpower@advisen.com