AXA XL, the property & casualty and specialty risk division of AXA, has won a Celent Model Insurer Innovation Award for its Data Strategy & delivery of its Data Ecosystem & Engagement Platform (DEEP). AXA XL’s DEEP is a digital, multi-sided platform that extends beyond technology to address the barriers found in insurance digital transformation programs.
According to Celent Analyst Mike Fitzgerald, “Celent surveyed over seventy insurance professionals to identify the most common barriers to successful digital transformation. Legacy IT systems, company inertia, and lack of senior level leadership support are among the top challenges impacting transformation success. Development of AXA XL’s DEEP showed how companies can overcome such obstacles.”
“By engaging colleagues at all levels across our firm & strengthening our internal & external partnerships, we successfully jumped over many of the barriers that can stand in the way of insurance digital transformation in a matter of nine months,” said Henna Karna, AXA XL’s Chief Data Officer. “As a result, the deliverables via the DEEP is helping us become more data-driven and insight-savvy. It has changed our whole value proposition. We’re moving away from the standard insurance service of ‘detect & restore’ where clients just recognize our value after something happens when we pay a claim. Instead, we’re helping ‘predict & prevent,’ providing our clients with data driven insights and intelligence to look ahead and altogether avoid or minimize the impact of business risks.”
DEEP, the underlying business architecture for the firms’ Data Strategy, required leading technologies and methodologies. To ensure sustainability, the scale of the program required a redesign of organizational structures, internal operating models, current-to-target state assessment and design, business decision methods, client engagement processes, data governance and cadences, and enterprise‐wide key performance indicators and data & analytical capabilities/skills within the firm; to name a few. It has been a holistic, organic, and game-changing endeavor for the firm.
Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Celent judges 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.
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ABOUT AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com