The new claims management system is based upon the Accenture Claim Components Solution – Accenture’s claims processing application – and is designed to help enhance XL Insurance’s customer service and reduce costs by consolidating and upgrading its core claims-processing technologies and procedures globally.
“XL Insurance and Accenture have reached a key milestone in the pursuit of a truly global claims management system, with most of XL Insurance’s claims operations in North America and all of Bermuda now running on a single platform,” said Paul Tuhy, executive vice president and global head of claims at XL Insurance. “By consolidating our systems and embracing an advanced processing platform, we can ensure outstanding service for our customers and good efficiencies for our business well into the future. This solution was built upon a deep understanding of insurance claims processes and best-in-class IT implementation, systems-integration and change management.”
XL Insurance’s new system will support the full range of claims processing transactions, from first notification of loss through final payment, for all of its property and casualty insurance business lines, including workers’ compensation, general liability and automobile, as well as professional liability, aviation, environmental and other specialty insurance coverage.
“In today’s challenging times, insurers must take advantage of the opportunity to increase their profitability and differentiate themselves in the marketplace by streamlining and renewing their claims operations,” said Gilles Biscay, managing director and head of Accenture’s insurance industry software solutions. “As one of the first insurers to implement a truly global claims system, XL Insurance is positioning itself for new competitive advantages and unprecedented scalability for future growth.”
Donald Light, senior analyst at Celent, a leading financial services industry research firm, commented: "Forward looking global carriers are increasingly looking for global solutions for claims. Configuring national market requirements on top of a single transaction system and system of record yields operating efficiencies as well as local competitive advantages."
About Accenture Claim Components Solution
The Accenture Claim Components Solution is a leading claims processing application, which supports more than 300 core claims transactions and integrates with a full range of claims interfaces, including policy management systems, agent portals and third-party systems. The solution is currently used by more than 65,000 claims handlers worldwide and helps process approximately 40 million insurance claims each year. Accenture Software develops and sells market-leading software products, including a broad range of insurance industry solutions that are used by more than 100 insurers in over 25 countries and are backed by the company's deep industry experience and worldwide delivery capabilities.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance is available at www.xlinsurance.com. XL Capital Ltd, 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 on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com
Accenture is a global management consulting, technology services and outsourcing company, with more than 181,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009. Its home page is www.accenture.com