Apex Wins Award

Congratulations to RSA, Winners of the Treasury Today’s Adam Smith Awards – “One to Watch 2012” Congratulations to RSA on winning the prestigious “One to Watch” award at the Treasury Today Adam Smith Awards 2012.

This category includes any solution which is in the pipeline, has been implemented as a direct result of macroeconomic events or is particularly innovative. Previous winners include HP, Google and Adidas. RSA are working on a new and innovative accounting and net settlement solution for the global insurance market, and will be one of the first insurance companies in the world to take part in the pilot programme.  The project is being led by Apex Business Consulting, on behalf of Xchanging and Deutsche Bank.

The solution delivers a centralised, multi-currency netting and settlement engine to drive processing efficiency, capital efficiency and control into the management of the premium and claims flows between global cedents/insureds, brokers and carriers.

Bringing together the solution components and the market

Apex Business Consulting has designed and led, on behalf of Xchanging, the initiative to bring market participants into a conceptual study into the benefits of centralised accounting and net settlement.  The initiative has been supported by the International Underwriting Association and ACORD, the insurance data standards organisation.  The study has formed the basis for the design of the solution, and this solution will be implemented in a pilot in the second half of 2012.  RSA will be one of the first to test this pilot solution.

The solution uses Xchanging mapping, translation and message handling technology, proven in the London Market to enable mass participation, alongside Deutsche Bank’s global transaction banking, clearing and FX capability, to power the netting and settlement process and facilitate a single netted payment for all counterparty liabilities in settlement cycles.

For further information

For a more detailed briefing on the Central Accounting and Net Settlement solution and / or the potential impact on your back office processing, please contact:

Tim Yorke,
Programme Director
T: +44 (0)20 7780 5115
Mobile: +44 (0)7796 018 299