#USA #New York #Adept #Echo Re #Gallagher Re

Echo Re Enhances Digital Communication with Gallagher Re

In a significant leap forward for the insurance sector, Echo Re has partnered with ACORD Solutions Group to implement the ADEPT (ACORD Data Exchange Platform and Translator) platform. This collaboration aims to streamline real-time digital message exchanges for accounting and claims, reinforcing Echo Re's commitment to innovation in data communication.

Streamlining Processes with ADEPT

With the rise of digital technologies in the insurance sector, the need for efficient data exchange has never been more crucial. ADEPT facilitates the seamless transfer of placing, accounting, and claims data across the global (re)insurance ecosystem. By integrating directly with existing systems at insurers and brokers, ADEPT eliminates geographical barriers and accommodates varying data formats and digital maturity levels.

Echo Re's adoption of this platform signifies a transformative approach, reducing the reliance on manual processes significantly. As a result, Echo Re has reported a remarkable 50% decrease in the time required for teams to manage Gallagher Re's portfolios. Nicole Kos, Head of Technical Accounting & Claims at Echo Re, noted, "This implementation represents our largest single rollout of e-messaging, enabling us to exchange data effortlessly with all B2B-enabled carriers of Gallagher Re. Our messaging volume surged by over 35%."

Overcoming Challenges

One of the keys to the success of this implementation was the meticulous preparatory work between Echo Re and Gallagher Re. Teams engaged in effective collaboration on data pre-cleanup and ensured processes were aligned before launching the system. According to Kos, this preparation was pivotal in achieving a smooth transition, free of complications: "Strong engagement from technical accountants on both sides ensured operational excellence from day one."

Terry Calthorpe, Operations Director at Gallagher Re, emphasized the importance of this venture, stating, "Echo Re was an integral part of our inaugural B2B carrier implementations. This achievement underscores our commitment to advancing ACORD Data Standards and best practices within the industry. The collaborative effort between our teams made the transition to production seamless and rewarding."

Redefining Collaboration in the Reinsurance Sector

Echo Re and Gallagher Re's partnership exemplifies a forward-thinking approach to tackling the challenges of digital transformation in the reinsurance industry. Chris Newman, CEO of ACORD Solutions Group, remarked on this collaboration's significance. He stated, "By integrating ADEPT into their operations, Echo Re and Gallagher Re are not only accelerating their core processes but also redefining collaboration across the reinsurance industry. This platform is vital in facilitating secure, efficient communication and data exchange between these global entities."

Echo Re, founded in 2008 and a subsidiary of DEVK Group, has carved a niche in treaty reinsurance. With a portfolio covering various lines of business across multiple regions, the integration of ADEPT will further enhance its capabilities in managing complex data flows. Meanwhile, Gallagher Re, known for its analytical prowess and advisory services, aims to leverage this technological advancement to drive greater value for its clients.

Conclusion

The partnership between Echo Re and ACORD Solutions Group heralds a new era of innovation in the reinsurance industry. By utilizing the ADEPT platform, Echo Re has positioned itself at the forefront of digital transformation, setting a precedent for efficiency and collaboration that could resonate across the sector. With ongoing advancements in technology, the future looks bright for organizations willing to embrace change and enhance their communication strategies. This collaboration not only marks a milestone for the companies involved but also paves the way for future innovations in the industry.