Xchanging and Advisen are set to jointly launch an ACORD messaging hub to all brokers and insurers in the London Market...
Xchanging and Advisen are set 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.
The two companies said 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 message distribution and translation services for legacy bureau Electronic Data Interchange (EDI) messages to more than 200 brokers and insurers.
