AXA XL has won the Celent Model Insurer of the Year Award for the development of its Construction Ecosystem, the digital platform and products and services network.
Celent, the technology consultancy, hosts its annual Model Insurer Awards to identify the best applications of technology in the insurance industry. It received 98 submissions for the awards, from every global region and every model insurer category.
Analysts narrowed the field to 17 submissions across five categories, each judged on the demonstrable business benefits of live initiatives, the degree of innovation relative to the industry, and the technology or implementation excellence.
Celent analysts then ranked the best submission in each of the five categories, selecting AXA XL’s Construction Ecosystem as the Model Insurer of the Year.
Gary Kaplan, president of AXA XL’s North America construction unit, pointed to the inherent risks in the construction industry. “The Construction Ecosystem evolved out of some blue-sky thinking and a lot of collaboration and hard work,” he said. “We’ve seen some strong, early successes in how greater construction technology adoption is helping our clients reduce risk and avoid potential losses.”
Donald Light, a director at Celent, said: “For years, insurance technology firms have created ecosystems to extend their core system offerings. But this is different. AXA XL has led the way by giving its commercial policyholders access to a large ecosystem of pre-vetted technology solutions designed to reduce policyholders' losses and to improve policyholders' operations. This is the pioneering achievement of AXA XL's Construction Ecosystem.”
Rose Hall, AXA XL's vice president and head of construction innovation, said: “From all the lessons learned during the development and continual transformation of our Construction Ecosystem, we believe that we have built a solid foundation that can help our clients across industries advance their adoption of risk-reducing technologies to new heights.”
Celent, AXA XL, Construction Ecosystem, Gary Kaplan, Donald Light, Rose Hall