Axe

Celent, a leading industry analyst firm focused on the application of information technology in the global financial services industry, reports that in the insurance industry, the business increasingly understands that they rely on IT to operate and compete effectively, and IT realizes that its only meaningful metric is whether it enables the business to do so.

It is this partnership approach that Celent defines as a component of their Model Insurer best practice framework.

Calliden Group, through their use of the Axelerator Insurance Platform, was awarded by Celent as a Model Insurer for Asia in 2012 for IT Management.

Caliden Group Case Study

Effectively managing IT, driving successful conversion from three legacy systems to a completely new IT platform architected around an innovative, online rating engine.

Calliden, a mid-market focused general insurer, recently successfully rebuilt their IT infrastructure, converting off three COBOL-based legacy systems. They subsequently implemented a new generation online rating engine, built using the Axelerator Insurance Platform. This engine now manages the application of complex rules for calculating premiums and performing underwriting using a completely new algorithm. The solution allows brokers to complete an online quote quickly and then apply the complex underwriting rules and rates specific to that product.

Significant benefits resulting from this project included:

• Cost savings as online rating requires fewer underwriters for quote requests
• Enhanced speed to market with the ability to make fast changes to pricing and products
• Improved pricing accuracy with the new system and algorithms more effectively pricing the risks
• Increased broker satisfaction from improved service levels

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