AXA XL's Construction Ecosystem honored with Celent Model Insurer of the Year Award

NEW YORK, March 12, 2021 /PRNewswire/ -- AXA XL, the property & casualty and specialty risk division of AXA, has received the Celent Model Insurer of the Year Award for development of its Construction Ecosystem. AXA XL's Construction Ecosystem is a digital platform and network of innovative products and services focused on enhancing contractors' risk management efforts, advancing technology adoption and improve customer profitability. 

"We're excited to see our Construction Ecosystem gain such prestigious recognition," said Gary Kaplan, president of AXA XL's North America Construction unit. "The construction industry is inherently risky. As a leader in the construction insurance market, we knew we could do more to help our clients boost their technology adoption to reinforce their risk management efforts. The Construction Ecosystem evolved out of some blue-sky thinking and a lot of collaboration and hard work.  We've seen some strong, early successes in how greater construction technology adoption is helping our clients reduce risk and avoid potential losses. We're thrilled that Celent sees the value in the Construction Ecosystem too."

Commenting on the award, Celent Director Donald Light said, "For years, insurance technology firms have created ecosystems to extend their core system offerings. But this is different. AXA XL has led the way by giving its commercial policyholders access to a large ecosystem of pre-vetted technology solutions designed to reduce policyholders' losses and to improve policyholders' operations. This is the pioneering achievement of AXA XL's Construction Ecosystem, and this is why it is Celent's Model Insurer of the Year."

"Technology is changing so many industries," said Rose Hall, AXA XL's VP, Head of Construction Innovation. "From all the lessons learned during the development and continual transformation of our Construction Ecosystem, we believe that we have built a solid foundation that can help our clients across industries advance their adoption of risk-reducing technologies to new heights.  There is so much potential here to partner with our brokers and clients to have such big impact on how we help our clients' risk management efforts going forward."     

Celent's annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance.  Celent received 98 submissions for the 2021 Model Insurer awards, from every global region and every model insurer category. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Celent analysts narrowed the field to 17 submissions as Model Insurers distributed across five categories. A team of Celent judges review submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence. Celent analysts then ranked the best submission in each of the five categories, in order to select the AXA XL Construction Ecosystem as the Model Insurer of the Year.

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SOURCE AXA XL