Technology Initiative for Claims Earns XL Group "Model Insurer of the Year" Award from Analyst Firm Celent
BOSTON, Feb. 28, 2013 /PRNewswire/ -- Effective use of technology to boost efficiency in claims management earned XL Group plc's Insurance Operations (NYSE: XL) the honor as the 2013 "Model Insurer of the Year," presented by Celent, a leading research and advisory firm. XL Group's Insurance operations were recognized for the multi-year global implementation of its multi-channel claims system, XL GlobalClaim™.
"We're honored by Celent's recognition," said Paul I. Tuhy, Global Head of Claims for XL Group's Insurance operations. "XL Group took on the challenge of not only phasing out multiple legacy claims programs to build one truly global state-of-the-art system, but also breaking down old habits to find better, more efficient ways of handling our customers' claims experience. We accomplished what we set out to achieve. The end result is a paperless global claims system that streamlines our claims processes across businesses lines, and gives our customers real-time access to data to support their ongoing risk management efforts."
XL Group was singled out from among 17 insurers who were recognized for its achievements at Celent's 6th Annual Model Insurer Awards in Boston, held February 27. Celent's annual award is extended to organizations that most highly exemplify IT best practices and measurable business results. The awards recognize insurers for best practices in 12 different categories—termed Model Insurer Components—across all insurance operations. These best practices span key areas of the product and policyholder lifecycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure.
"Celent is pleased to present this award to XL Group. There is no such thing as a single Model Insurer—every insurer does some things well, and others not as well when it comes to technology. When we set out to gather as many real world examples of effective usage of technology as possible, he XL Group XL GlobalClaim initiative presented most of the best practices that Celent considers key to the success of a Model Insurer initiative," states Karen Monks, Celent analyst and author of the 2013 Model Insurer report. "Having an effective vision, modern and adaptable technology, sound business practices, and a reliable business partner is more important than ever as insurers attempt to meet the demands of the global insurance marketplace."
XL GlobalClaim™ is a centralized global claims management system that supports XL's insurance operations in 21 countries. The system supports a full range of claims processing transactions, from first notification of loss through final payment, for all of XL's property, casualty and specialty insurance businesses, including workers' compensation, general liability and automobile, as well as professional liability, aviation, marine and other specialty insurance coverages. XL has licensed Accenture Claim Components, Accenture's claims processing software, for its GlobalClaim initiative. Accenture helped XL design and develop the customer portal and the mobile services capabilities. Subsequently, with Accenture, XL unveiled a portal enhancement to the system which offers their customers access via an iPhone application to real-time access to claims-related information, such as the contact details and locations of participating XL claims handlers, date of loss, policy number, and claims status.
About XL's Insurance Operations
XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit www.xlgroup.com/insurance. XL Group is the global brand used by XL Group plc's insurance subsidiaries.
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com.
SOURCE XL Group plc