XL Insurance (Hamilton, Bermuda), the insurance XL Capital, is implementing a new centralized, global claims management system to support operations in 25 countries, according to a joint news release. Based on Accenture's (New York) Claim Components claims processing solution, the system has gone live in the U.S., Canada and Bermuda, and XL plans to expand use of the system throughout South America, Europe and Asia in a second phase of implementation.
The goal of the Claim Components-based system is to enhance XL Insurance's customer service capabilities and to reduce costs by consolidating and upgrading its core claims-processing technologies and procedures globally, the news release says. The 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, according to the joint release.
"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," comments Paul Tuhy, executive vice president and global head of claims, 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 deployment of the system is consistent with a trend of "forward-looking" insurers to consider global claims solutions, according to Donald Light, senior analyst, Celent. "Configuring national market requirements on top of a single transaction system and system of record yields operating efficiencies as well as local competitive advantages," he says.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio