XL Group and Cognizant Team Up to Transform Risk Consulting Operations Collaboration to Create a Mobile-Enabled Risk Engineering Platform to Enhance the Accuracy, Agility, and Efficiency of Risk Assessment
TEANECK, N.J., and HARTFORD, Conn., July 18, 2013 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) and XL Group plc's ("XL Group") global insurance operations today announced the development of a new mobile-enabled risk engineering platform that will transform and maximize risk assessment operations for Global Asset Protection Services (GAPS), XL Group's property loss prevention services business.
Designed as a subscription-based service, the platform will deliver a superior customer and colleague experience, while improving the quality, speed, accuracy, and productivity of risk consulting operations. Using the new platform, XL Group's underwriters and clients will receive actionable information in near real-time to help them make more informed decisions, while managing risk and reducing losses more effectively.
Besides delivering an improved view of complex risks to underwriters and customers, the platform will provide powerful mobile tools for XL Group's risk engineers to quickly and seamlessly access, capture, and analyze critical data. By enabling risk engineers to stay engaged with clients continuously and free up more time for consultation, the platform will facilitate stronger collaboration between clients and engineers. Additionally, it will improve throughput, cost-effectiveness, and turnaround time from data capture to customer reporting, while reducing the amount of equipment and paperwork that engineers need to carry onsite.
"With risks getting more complex, leveraging best-in-class mobile technology is key to further enhancing XL Group's risk management capabilities underpinning the flexibility, resilience, and creativity that differentiate us," said Myron Hendry, Executive Vice President and Chief Platform Officer at XL Group. "Our collaboration with Cognizant will enable us to raise the bar in risk consulting service delivery."
"We've been exploring how mobile technology could help us improve our colleague and customer service experience, and differentiate us as an employer of choice and market leader," said Tim Heinze, Senior Vice President, Head of Global Asset Protection Services at XL Group. "In Cognizant, we have found a company who shares our commitment to innovation and customer satisfaction, and can work directly with our field engineers to conceptualize and incubate a next-generation solution that will further strengthen our distinctive value proposition."
"We are pleased to have been selected by XL Group for its business-critical risk engineering initiative," said Ben Bengtson, Senior Vice President and Global Market Leader for Insurance at Cognizant. "The future of risk engineering is about automated data collection, real-time access to data in the office and on the road, and integrated customer experience and knowledge sharing. Enterprise mobility can help insurance companies address the challenges of a dynamic risk environment for competitive advantage. By streamlining XL Group's analytical risk engineering processes and enabling better differentiation of risks with superior pricing accuracy, our mobile risk engineering platform will help XL Group run better and run differently by fostering more productive collaboration between business and IT, and unleashing innovation and new potential across the organization."
About XL Group plc'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 xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE: XL), 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 XL House, 8 St. Stephen's Green, Dublin 2, Ireland. To learn more, visit www.xlgroup.com.
XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 162,700 employees as of March 31, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties, and assumptions as to future developments that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in XL Group plc's and Cognizant's most recent Forms 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. Neither XL Group nor Cognizant undertakes any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.