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DOCOsoft Achieves Official ACORD ECOT/EBOT Certification

10 May 2018

DOCOsoft has achieved official 2016-10 ECOT/EBOT ACORD certification, which means that the claims management system’s provider’s Gateway is now officially approved to take global claims and policy messages, as part of the global Ruschlikon initiative.

EBOT and ECOT are ACORD standard specifications. They document the business data and rules required for conducting electronic business conversations from system-to-system.

DOCOsoft CEO Aidan O’Neill said: “This is great news for DOCOsoft’s clients, taking our global (re)insurance best practices in claims to a new level. As a claims management systems provider, we are very focused on reducing processing times and making life as easy as possible for adjusters handling complex claims. We chose to partner with ACORD because once insurance companies start exchanging EBOT and ECOT messages, their organization will benefit from greatly reduced costs, timescales and errors. Our central aim is to ensure that clients benefit from faster payment cycles and improved data quality.”

According to ACORD, (re)insurance companies report that on average, the benefits of these standards have amounted to:

30% less administrative costs

30% faster premium settlement, and

40% faster claims settlement than business done without using Ruschlikon.

EBOT stands for Electronic Back Office Transactions; it deals with the usage of ACORD Technical Account and Financial Account messaging. ECOT stands for Electronic Claims Office Transactions; it deals with the usage of the ACORD Claims Movement message and links with EBOT for completing claims-related payments.

Certification ensures that set-up times between partners are kept to a minimum and companies can start to obtain benefits from reliable messaging as soon as possible. To learn more, visit ACORD Data Standards

 

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