XL Group wins Operational Excellence in Non-Core Systems at Celent's Model Insurer Asia Awards
London, Uk - April 02, 2015
XL Group is celebrating having won the Operational Excellence in Non-Core Systems award at Celent’s annual Model Insurer Asia awards.
The award was given in recognition of the Group’s leading role as an innovator in the development of e-Accounting (the automation of insurance and reinsurance administrative support processes). Their work has been of key importance to a project known as the Ruschlikon Initiative, which aims to further develop e-Accounting processes across the industry.
The awards in Asia, now in its fifth year, saw the leading research and advisory firm selecting 15 winners from a broad range of technology initiatives. Judges selected entries based on the best practices and business benefits provided by each initiate.
The judges commended XL Group for its involvement with the Ruschlikon Initiative, which involves a group of leading global insurance, reinsurance and broking companies all working together to adopt and develop the e-Accounting process. The initiative is supported by ACORD, the Association for Cooperative Operations Research and Development, which is the insurance industry's not for profit global standards developer. It is also a resource for information on object technology, electronic data interchange, and electronic commerce. Included in their report the judges made specific reference to XL Group’s XML gateway and message management tool provider, Web Connectivity, for delivering innovative solutions.
Commenting on the award, Simon Squires CPO Regional Manager, XL Group said: “I am very pleased that we won this award and that it further highlights the important work happening in the re/insurance space today. The global collaboration taking place means brokers, insurers and reinsurers will have a synchronized online system which will drastically improve the efficiency of accounting and settlement processes. The new approach is faster, more stable and reduces the operational cost of online accounting. It’s a real win -win initiative.”
This is not the first time XL Group has been honored at one of Celent’s events; in 2013 the company received the ‘Model Insurer of the Year’ award, for the efficiency of their claims management system XL GlobalClaim™.
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