Exigen® Services and partner Exigen Insurance Solutions, today announced that Celent, a leading research and advisory firm focused on insurance technology strategy, has awarded Exigen client Real Insurance, a division of Hollard Australia, a 2009 Model Carrier award for product innovation and speed to market of its world-first, “trust-based” pay-as-you-drive (PAYD) product. Awards were presented at the 2009 Celent Model Carrier Summit, January 29 in New York City.
Exigen Insurance Solutions’ Lifecycle Management suite for policy administration, billing and claims operating on the Exigen Insurance Business Process platform enabled Real Insurance to rapidly design, test and launch an industry-first PAYD product into the Australian market. All software development work was fulfilled through Exigen Services, the leading next-generation application outsourcing provider.
The award recognises carriers cited in the Celent Model Carrier 2009 report. The report offers some key best practices in the effective use of technology that a “model carrier” would use, says Celent. Twenty carriers were selected from nominations solicited from over 100 carriers and 50 vendors. Real Insurance’s PAYD initiative was chosen “in part because of the innovative nature of the product and the quick time to market achieved through a phased implementation,” says the report. Real Insurance is cited for achieving the tight coordination of all parties required to take the project “from conception to market in a rapid nine months, including integration with its own direct e-commerce channel.” “Developing innovative products and employing new technologies and business processes is a hallmark of the Real Insurance and Hollard brands,” said Roger Grobler, managing director, Real Insurance.
“In addition to working as a technology partner providing Real with a highly configurable and truly best of breed solution set with which to build the PAYD product and processes, Exigen Insurance Solutions also contracted with us as a business partner sharing the risk and reward to ensure rapid and successful time to market. Since our July 2008 launch, sales results have exceeded expectations and continue to increase month-over-month.” “To apply our application development expertise to a project such as PAYD and mitigate project risk throughout the lifecycle is a great honor for us,” said Armin Roth, German country manager, Exigen Services. “Core IT systems like this can quickly grow to become unmanageable without the close attention to balancing the pressures of delivering on time and within budget.” About Real Insurance Real Insurance (www.realinsurance.com.au) is a part of the Hollard group of companies (www.hollard.co.za and www.hollard.com.au). The Hollard Group has offices in South Africa, the United States, the UK, Australia and throughout South East Asia and provides a wide range of insurance products and services to more than 6 million policyholders worldwide. Since opening in Australia in 1999, the Hollard Group has issued more than 500,000 policies with more than $16 billion worth of assets insured.
About Celent Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies.
With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
About Exigen Insurance Solutions Exigen Insurance Solutions, headquartered in San Francisco, specializes in rapidly implementing new business initiatives and products for insurance. Exigen Insurance Solutions’ agile SOA platform and suite of P&C business lifecycle systems for policy administration, claims, billing and account management allow clients to rapidly introduce modern, service-oriented solutions and accelerate insurance product innovation. The solutions deliver competitive advantage, cost reduction and business process efficiency to top 10 global and U.S. carrier clients as well as mid-size and regional insurers. The company’s solutions are delivered in the IT 2.0 business model, which allows clients to replace the conventional vendor/customer relationship with true economic partnership.