XL Group Implements Oceanwide's Advanced Marine Insurance Software to Support Global Expansion of Marine Business
(LONDON) - November 10, 2014
XL Group today announced that it has invested in Oceanwide’s marine insurance software system, Genoa, the gold standard in the marine cargo industry, for certificate issuance demonstrating the Group’s continuing commitment to building its Marine business while enhancing its service offering to clients around the world.
Leveraging the user friendly system with its cloud-based, delivery model and 24/7 support in eight languages, XL Group believes the Oceanwide system provides the most efficient and secure method to generate and issue marine certificates. The software also includes customizable templates that can be generated as PDF documents as well as an industry database of over 100,000 seagoing vessels to assist in the selection of the relevant vessel and carrier information.
Jonathan Eaton, Chief Underwriting Officer, Global Cargo said: “We are continuing to expand significantly our global cargo business and believe this investment in best in class technology will support us to further drive growth and deliver a first rate service to our clients. Genoa is a superior product in many ways and its technology platform enables us to deliver high volumes of certificates in multiple jurisdictions and in different languages, increasing our competitive global reach and helping us maintain the momentum in our Marine business.”
Lee Meyrick, Chief Underwriting Officer, Global Marine and Offshore Energy at XL Group added: “Over the last two years we have made some key investments in talent across our Marine team with key hires in London, Asia Pacific, Singapore, Hong Kong and Mexico. Supporting our talent with the best in class tools is a key priority for us and will ultimately help us to deliver our strategy to significantly increase our share of the global cargo market.”
Oceanwide CEO Mitchell Wasserman commented: “We are delighted to add XL as an important client of ours and look forward to working with them. We believe their decision to use Genoa continues to validate it as the leading system for the marine insurance industry.”
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. To learn more, visit www.xlgroup.com.
Founded in 1996, Oceanwide has been at the forefront of delivering SaaS insurance software for 17 years. Bridge, the latest offering from Oceanwide, offers a new approach to insurance policy administration systems. Designed from the ground up to be fully configured without custom programming, Bridge empowers insurers, MGAs, and brokers to take creative new ideas to market in weeks, not years. For additional information, please visit www.oceanwide.com.
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.