XL Group Headlines Model Insurer Award Winners
Celent recognizes the technology initiatives of 15 insurers and names XL Group the Model Insurer of the Year.
Insurance Networking News, February 27, 2013
Today, at Celent’s 2013 Innovation & Insight Day in Boston, the research and analyst firm identified effective uses of technology in the insurance industry. XL Group was named Model Insurer of the Year and 15 other insurers received awards for best practices in a number of areas, including and policyholder life cycle, including product development, distribution, underwriting, policy administration, IT management, claims and infrastructure.
Through evaluating the nominations, Celent saw some common themes, including innovation, growth and expense reduction, continued focus on building lasting, integrated solutions, using the tech to make greener and more automated processes and data analytics.
“Insurers continue to stress innovation in their initiatives. However, IT projects that reduce long term costs, improve back office operations, and provide better customer service are also prevalent in this year’s award winning projects,” says Karen Monks, Analyst with Celent’s Insurance Group and author of the report, “Celent Model Insurer 2013: Case Studies of Effective Technology Use in Insurance,” which details all of the projects. “Insurers continue to concentrate on improving operations, but are also stepping up their use of emerging technologies.
Insurers taking home awards include: (to find out more about the winners’ projects, visit our slideshow):
• AAA Northern California, Nevada & Utah Insurance Exchange
• Allstate Financial
• AXA UK
• Friends First Life Assurance Company
• Genworth Financial
• Great American Insurance Group
• Hiscox USA
• Industrial Alliance Auto and Home Insurance
• ING U.S.
• Jewelers Mutual Insurance Company
• L&T General Insurance Company Limited
• MetLife India Insurance Company Ltd.
• Mutual Benefit Group
• ORANTA Insurance Company
XL Group plc, the Model Insurer of the Year, created a single Web-based platform in an effort to provide consistent levels of excellent service to its customers (internal and external) across its various product lines and countries of operation. The three-year project involved replacing multiple legacy systems that were often used to handle the claims of a single customer with a system covering all lines of business in more than 20 countries, for all policies, Lloyd’s, and company paper and implementing a multichannel online system where customers can report and monitor claims and enable mobile activity. The deployment of XL GlobalClaim and XL GlobalClaim Customer Portal depended on close cooperation among consultants, risk managers, underwriters, actuaries, administrators, claims handlers, claims management, outside vendors, and IT, according to the Celent report.
XL Group is now able to:
• Produce operating efficiencies through consistent processes for all lines of business in all of its 27 business groups.
• Adapt to local currency and tax requirement needs.
• Minimize customization to all areas, e.g., aviation and space, marine, property/casualty, and professional D&O to name a few. Benefit from emerging trends and opportunities, such as digital technologies, to address evolving customer needs.
• Meet the enterprisewide green initiatives and requirements by providing a paperless environment.
Nominations for the Celent’s 7th annual program were accepted throughout 2012, and winners were selected by the Celent insurance team based on business drivers, technology environments and quantitative success metrics.
For more information on related topics, visit the following channels:
- Customer Service
- Enterprise Technologies
- Insurance Network
- Policy Administration
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