Sydney, Australia, January 18, 2012 - Axe Group, a leading software company that provides innovative solutions to the insurance industry, today announced that industry analyst Celent has recognised three of their clients as Model Insurers for their effective use of technology in the areas of Distribution, Service and IT Management.
In their report “Model Insurer Asia 2012: Case Studies of Effective Technology Use in Insurance”, Celent recognised 17 initiatives as best practices in the use of insurance technology. The report endeavours to answer: “What would it look like for an insurer to do everything right with today’s technology?” The selected initiatives are profiled and case studies illustrate the best results, capabilities and measurable business benefits gained.
The three insurers selected by Celent using AXE’s Axelerator Insurance Platform are:
- AIA Australia: Excellence in service, for implementing a rules-driven, STP platform and creating a simple and easy-to-use life insurance online application tool tailored for the group insurance market. By using Axelerator, AIA Australia were able to reduce administration costs whilst increasing application volume, client satisfaction and market share, and improving turnaround times.
- Calliden Group: Effective IT Management, for new generation, centralised rating from three legacy systems to a completely new IT platform. By using Axelerator as their configurable, online rating engine that supports complex algorithms, Calliden were able to reduce costs and number of staff whilst increasing their speed to market and pricing accuracy. Other results include faster cycle times and more consistent processes.
- Macquarie Life: Expanded distribution, by implementing Axelerator to facilitate faster time to market of new products. Macquarie Life’s direct-to-consumer portal was built in just 7 weeks using Axelerator. The solution has enabled them to increase premium revenues, reduce turnaround times and broaden their market reach.
Wenli Yuan, Senior Insurance Analyst from Celent Asian Financial Services and author of the report said, “Some common best practices resulted in these three projects being chosen for Model Insurer Asia: straight-through processing, improved use of channels, and positioning for reuse”.
The Axelerator Insurance Platform is an innovative software solution that supports rapid configuration and integration. Combining working models with a powerful rules engine and personalisation, the platform is easily configured to deliver a system that has an exact business fit for each insurer and is readily extensible for additional channels and products.
Kimberley Lathe, CEO, AXE, said, “Congratulations to our clients for their awards. We are most pleased to have 3 of the 17 model insurers using Axelerator, and helping them improve business processes and market share whilst lowering costs. AXE remains dedicated to assisting all our clients drive further benefits through their use of Axelerator.”
Celent is a research and consulting firm focused on the application of information technology in the global financial services industry. Over 120 insurers and 80 vendors were sent invitations and self-nomination forms to participate in the “Celent Model Insurer Asia 2012” report. The Celent insurance team selected the winning initiatives representing state of the art insurance technology in the region.
About Axe Group
AXE is a fresh thinking software company enabling clients to outperform with our Axelerator Insurance Platform, the first Adaptive STP system for automation of New Business, Claims and Lifecycle Services. Axelerator enhances competitive advantage by providing one-touch and personalized process execution, with smart handling of exceptions. Its rules-driven environment allows businesses to continually change and innovate to keep pace with market dynamics. Our strength is building unique solutions to complex business problems enabling our clients to achieve their market goals.
