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E-ffikacy, a New STP E-Accounting Application from Scyllogis Consulting, Increases Operational Efficiency for Insurance Carriers by 80%LONDON & HAMILTON, Bermuda & NEW YORK --(Business Wire)-- Scyllogis Consulting, the specialist insurance data management consultancy, has developed E-ffikacy, a new straight through e-accounting software application, which allows insurers and brokers to exchange messages electronically, up to 80% more efficiently than the mainly manual processes used by most carriers today. Scyllogis created E-ffikacy for the Endurance Specialty Holdings Ltd. group of companies, to enable the processing of Technical Accounts (TA) and Financial Accounts (FA) information with brokers, using innovative ACORD-compliant technology. Scyllogis' Director Colin Whickman, said "E-ffikacy meets the needs of insurers who are looking for a scalable and efficient method of receiving ACORD messages from brokers, which will integrate effortlessly with their existing systems, replacing the MMT." The existing, manually intensive, e-accounting methods to process TA and FA messages through the ACORD gateway can involve up to 12 different manual inputs. By using E-ffikacy, TA and FA reconciliation, cash entry and cash matching, is now completed automatically. As a result, manual processing can be expected to be reduced by up to 75% or TA messages and up to 95% for FA messages. "The existing systems that carriers use to process TA and FA information are extremely time-consuming, requiring multiple manual processing, which also increases the possibility of error," continued Mr. Whickman. "E-ffikacy, which Scyllogis designed for Endurance, increases the overall efficiency of the accounting and settlement process by an estimated 80%." "The feedback we have been receiving from the market has been extremely positive and other insurers we have spoken to have been exceptionally impressed by the benefits E-ffikacy can deliver, and eager to know more." Simon Minshall, Endurance Deputy Chief Financial Officer, said: "Having a straight through system connecting brokers to our back office has significantly improved the efficiency of our business. It is critically important to our business that we can exchange ACORD-compliant messages with our broking partners and Effikacy, delivered by Scyllogis, allows us to do this in a way that dramatically reduces the amount of manual processing, leading to reduced errors, and a marked improvement in our overall efficiency." Endurance Chief Information Officer Alfred Goxhaj, added: "Endurance is a complex and dynamic business requiring technical architecture that is flexible enough to meet current and future requirements, with as much potential re-use as possible. Scyllogis' design and implementation of a straight through e-accounting system, using industry standards, is helping us streamline our transaction processing and build operational efficiencies." About Scyllogis Scyllogis Consulting are data management specialists delivering technology driven data solutions and consultancy services exclusively to the RLC (reinsurance and large commercial) sector. Founded in 2001, our success and reputation have been built on working closely with clients to devise and implement business critical data management programmes. For further information, visit www.scyllogis.com Ends
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