MODEL INSURER OF THE YEAR: XL GROUP
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1 MODEL INSURER OF THE YEAR: XL GROUP Karen Monks January 27, 2013
2 MODEL INSURER OF THE YEAR: XL GROUP Creating a single web-based platform for managing claims globally XL Group plc ( XL ), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. The Insurance operations of XL Group plc ( XL Group ) offers property, casualty, professional and specialty insurance products globally. The insurance operations market and distribute coverage through a wide variety of local, national and international producers and provide customized insurance policies for complex corporate risks that may require large limits, large deductibles, and/or selfinsured retentions. While the insurance segment is known for insuring large complex risks, certain of its products are targeted to small and midsize companies and organizations. XL s history is one of mergers and acquisitions. In 1986, when the U.S. liability insurance crisis of the 1980s caused capacity to half and premiums quadruple, 68 of the world's largest companies came together and founded what is now XL Group to solve the problem of insuring complex risks. Today XL and its subsidiaries is a $7.3 billion insurance and reinsurance group operating in more than 20 countries with over 4000 colleagues in 60 offices. In the 27 years since its inception, the group has expanded through a combination of organic growth and acquisitions of new units around the world creating a mesh of operations and systems, particularly in claims operations. Eventually, the claims environment grew to five very different legacy systems, which made the management of claims globally a complex task. Claims management typically includes, but is not limited to, the review of initial loss reports, administration of claims databases, generation of appropriate responses to claims reports, identification and handling of coverage issues, determination of the need for further investigation and, where appropriate, retention of claims counsel, establishment of case reserves, payment of claims, and notification to reinsurers. Certain of the group s product lines have arrangements with third party administrators to provide product line-specific claims handling services to XL Group. As customers grew businesses globally and spread geographically, XL Group was finding it difficult to provide consistent levels of excellent service to its customers (internal and external) across its various product lines and countries of operation. This was because multiple claims systems were often used to handle the claims of a single customer. It became evident that to satisfy the needs of its customers, achieve efficiency and agility, and to add shareholder value, changes would have to be made as to how claims were processed. This meant replacing legacy claims systems with a state-of-the art system. The Project In December 2011, deployment of XL GlobalClaim, a worldwide claims management system, was completed across XL Group covering all lines of business in more than 20 countries, for all policies, Lloyd s and company paper. This deployment was followed shortly thereafter by the implementation of the XL GlobalClaim Customer Portal, a multi-channel online system where customers can report and monitor claims. XL GlobalClaim converted the claim operation to a paperless environment and connected all legacy systems to allow for consistent data aggregation for all global claims
3 operations. In addition, the portal provides participating customers with access to claims information via the XL Group website and through mobile devices that use Apple s ios operating system. The entire project depended on close cooperation among consultants, risk managers, underwriters, actuaries, administrators, claims handlers, claims management, outside vendors and IT. It was a significant undertaking and a major achievement for XL Group. Four main objectives were established to the XL GlobalClaim project and its new system: Ease of Use. Produce operating efficiencies through consistent processes for all lines of business in all of its 27 business groups; Multi-currency. Adapt to local currency and tax requirement needs; Adaptability. Minimize customization to all areas, e.g., aviation and space, marine, property & casualty, professional D&O to name a few. Benefit from emerging trends and opportunities, such as digital technologies, to address customer evolving needs; Paperless. Meet the enterprise-wide green initiatives and requirements by providing a paperless environment. Planning for XL Group s new claims system began in July 2008, with a budget of $86.4 million, including the cost of building a connector to future information technology strategic initiatives. As competitors were beginning to offer additional access to their systems for business partners and insureds, XL Group found itself hampered by its legacy systems. In 2008, XL Group was operating with five major legacy claims systems, each tailored for the specific requirements of the newly acquired book of business and/or geography. Some were designed to handle claims while others had been programmed on top of underwriting systems. In addition to the cost and operational difficulty of maintaining these legacy systems, XL Group faced other challenges. For example, it was impossible to set key performance indicators for XL Group s claims function as a whole, because each system worked in a different way and produced reports that were not directly comparable with those produced by the other systems. Because data definitions were often different in each country, gathering data to track key performance indicators was largely manual, costly and prone to error. In addition, these systems were not paperless and none could be adapted to handle the global needs of the company. The challenge was both technological and cultural with a claims staff of approximately 400 people in 21 countries, each with its respective language, laws and customs. Project benefit highlights: supports all Lines of Business; revolutionizes the claim handler s experience in managing claims; optimizes work efficiency for the claim handler; improved data governance tailored to each specific XL Group business; improves analysis and data mining functionality. XL GlobalClaim was designed by XL Group claims professionals based on fundamentally reengineered business processes. Key users include the approximately 400 claim handlers as well as underwriting, finance, actuarial, risk engineering and senior management personnel (and a growing volume of external customers) with ready access to claims data. Having identified the challenges and the benefits, XL Group began its claims transformation in It opened the design process to its staff, ensuring representation both by country and by product line. By including the business areas and front-end staff in the process, XL Group ensured that local nuances and requirements would be met. It also eased the introduction of a system that would significantly change the claims 2
4 process. To further ease the introduction of the new claims system, XL Group decided to roll it out in phases, beginning with operations in Bermuda. Roll-out continued by geography and product line through the remainder of 2010 and into Vendor Software Selection A key decision in any core systems project is the software selection. XL GlobalClaim is based on Claim Components, Accenture s claims processing software application. After an internal due diligence process that included a competitive review of claims systems, analyst input, client feedback, workshops with claims adjusters and system demonstrations, Accenture was selected as a vendor to replace the legacy claims systems. Accenture also helped XL Group design and develop the customer portal and the mobile services capabilities. XL Group chose Accenture and Claim Components because the software platform could handle the key requirements that XL Group outlined. Claim Components: 1. Was easily adapted to local currencies. 2. Met the needs of consistent processing by being able to enforce data governance rules, like standardized fields and limited free text. 3. Was designed in a way that allowed claims information to be provided through multiple channels, including mobile. With the increasing use of mobile devices, it was a priority for XL Group to offer its customers better access to claims information through mobile channels, in addition to online. Because the Accenture software is designed for multi-channel access, XL Group was able to also develop and implement its new customer portal rapidly and costeffectively. Although the Accenture platform is English language-based, XL Group was able to work with Accenture to develop a solution for colleagues to create notes in their local language(s). XL Group was the first carrier to adapt Accenture's claims software for global use. Accenture Claim Components supports the full range of claim processing from First Notice of Loss (FNOL) through final payment for all of XL Group s lines of business. Some of the areas addressed within the various Claim Components modules include, but are not limited to: TPA integration and management Paperless claim files and documentation Operational reporting capabilities Litigation management with specific data fields for tracking legal expense budget erosion, jurisdiction, state of litigation and other data Diary audit trail and task management of all claim activity and follow up review Fully-automated catastrophe and aggregate limit tracking 3
5 Figure 1: XL GlobalClaim screen shot Source: XL Group The shift to a paperless environment fully supports XL Group s green initiatives, subject to legal and regulatory requirements. In Spain, for example, regulations require paper files be available for a specified period of time. While eliminating paper is an important objective, this shift also allows XL Group to achieve a strategically important goal making faster and better decisions, due to enhanced availability and input of electronic data. The XL GlobalClaim Customer Portal provides participating XL Group customers with real-time access to claims-related information, such as the contact details and locations of participating XL claims handlers, date of loss, policy number, and claims status. The claims data, available online and currently through an Apple ios app, are generated by XL GlobalClaim. Managing the Project Before the formal project kick-off in July 2008, XL Group and Accenture leadership defined key success criteria that successfully guided the team to deliver the agreed end result on time and under budget. The criteria included: Business case is met or exceeded. Project is run on time, within budget and within governance principles. The claims organization and the system are well-positioned for growth and change. The application must Address critical business requirements in all jurisdictions Permit regular enhancements to respond to new requirements and address emerging customer needs Factor in scalability and allow system data and functionality to be leveraged across the enterprise XL Group and Accenture would choose to work together in the future. In order to achieve success, at peak times the project employed 120 full time project members including twelve senior claims adjusters and managers all with a variety of international backgrounds. XL Group worked closely with Accenture consultants on both implementation and customization, where needed. 4
6 Despite the scope of the implementation, XL Group found the IT part of the project easier than anticipated. The larger challenge grew out of XL s international operations and differences in claims processes based on local business practices, regulations and currencies. In order to keep system customization from expanding to meet the unique needs of each country, XL Group management held a series of meetings with subjectmatter experts from key international operations to find those critical high-level common denominators that could be added to the core Accenture system. Once the variations in terminology were overcome, the real differences in business requirements became manageable. By bringing the subject matter experts together, XL avoided the risks and costs of potential and unnecessary customization. The discipline exercised both by project managers and business architects proved pivotal to the project s success. According to Michel Finschi, Senior Vice President and Chief Operating Officer of Claims for XL Group, the following tools and processes played an integral role in supporting the large scale delivery: Use the best and the brightest on the project even if it meant taking some of the best claims handlers off their desks to act as the subject matter experts. These experts must be able to think strategically and have a broad perspective in order to assist in what will be a major change for much of the organization. Consult the business and avoid building the system in a silo because the claims system is a business system. And involving the underwriters and actuaries in the process will help to implement an enterprise-wide solution to improve the overall business outcome and not just make claims handling easier. Have dedicated executive sponsorship that can help move the project forward and ensure deadlines are met at an executive level. Otherwise the development may stall. This will require a large time commitment; however, this commitment will be rewarded with a streamlined approach and the ability for decisions to be made effectively. Have a committed project management team with the passion to move the project forward with a tireless dedication. The team must have the same vision as the leadership to maintain focus through a long implementation cycle. Manage scope creep and ensure the system s suggested changes have value. Before making a change to the project a cost benefit analysis must be done. Even if system enhancements begin slowly and don t show their value for several months or years, measuring those changes is necessary to see if the perceived value is actually achieved. Redesigning Business Processes With XL GlobalClaim, claims management is centralized for everywhere XL Group operates. This includes all LOBs, all offices worldwide, as well as XL syndicate 1209 at Lloyd s. As a result, previous local processes were changed to reflect the vision of transforming XL Group s claims operations into an integrated target operating model. New processes required claim handlers and management to adapt to new business processes and to quickly learn new technology. Under the previous claim notification process (First Notice of Loss or FNOL), regional claims adjusters would complete paperwork and mail (and/or fax) the claims forms to the XL Group offices. In the US for example, the paper was mailed to Atlanta to be scanned and sent to the TPA or claims department for processing, where it remained in a queue until it was processed. Workflow rules did not exist and cases were not triaged according to any set of criteria; processing could take up to several days. Information was not readily available for claims adjusters to see status, nor was it available outside of the 5
7 individual claim system in which it resided. It was difficult to produce any form of consolidated information on the claims operations, including those important claims that straddled geographies. One critical part of the business process redesign was the change to a paperless environment. XL Group s challenge here was to develop a process for FNOL and decide which parts of the process to support with offshore operations and/or scanning centers. Today, the re-engineered FNOL process includes workflow and regional mail rooms (the latter to accommodate customers who submit paper documents). Many activities that were once performed in local offices are now performed offshore, including the registration of new claims, document management and the processing of thousands of claims transactions. XL Group estimates that 10,000 claims transactions are processed a month with a turn-around cycle time of one day or less. Its paperless features, specific customization to fit the needs of XL Group and the re-engineered claims workflows and processes helped XL Group achieve significant cost reductions and productivity gains from the claim transaction activities. As a result, productivity onshore improved. During the system design, XL Group began to identify those changes would be necessary to ensure success in user acceptance. XL Group found that a period of about 6 to 8 months was necessary for the users to see the benefits, and almost a year before it became embedded in their daily activities. To help adapt to the paperless environment, XL colleagues received training on the required behavioral changes, often the most difficult part of any project. In comparison to the past processes, the redesigned business processes have contributed to improvements, including: The claim handler is supported throughout a claim s life cycle, which results in an increased ability to focus on claims outcome and service excellence. XL Group now has the ability to process work around the world based on demand and availability of resources. Cases can be allocated based on pre-established rules, providing XL Group flexibility for resource management. Companies with multiple geographic locations are serviced on a single platform and in a consistent matter no matter where the FNOL originated. All information and complete documentation is electronically stored and accessible from practically anywhere. Underwriting decisions can be based on more accurate and readily available claim data. XL GlobalClaim acts as the system of record for all insurance claims data. TPA integration through CS STARS feeds full claim data into XL GlobalClaim and supports an improved control environment including satisfying regulatory requirements such as Sarbanes-Oxley; Medicare and state requirements in the USA; in addition to satisfying regulations from a host of international jurisdictions. The system supports various operational reporting capabilities with built-in cockpits and dashboards, and various management-information cubes. XL GlobalClaim supports limit controls for global and fully-automated aggregate limit tracking. Global authority threshold controls exist for reserving and settlement. This functionality automatically engages a claim manager, depending on the reserve and/or expense threshold of a claim and its designated owner. It also coordinates and documents the response(s) of the corresponding manager(s) mapped in XL GlobalClaim with a higher authority level(s). 6
8 Results The benefits of the XL GlobalClaim quickly became apparent. XL Group is now able to adapt more effectively and efficiently to the many different locations, regulatory requirements, cultures and languages where it conducts business. The adoption of an advanced, consolidated processing platform also significantly improved communications within the claims function. This is particularly important on global accounts, where claim handlers on different continents are engaged in close and regular collaboration to deliver excellent service to customers. The system helps assure outstanding customer service, and has markedly improved the efficiency of the claims function. As a result of implementing XL GlobalClaim, XL Group estimates a 15% efficiency gain in managing global claims from over 100 countries. Furthermore, all Key Success Criteria outlined previously were exceeded. 1. The business case was met. Initially actuaries approved the estimate that XL would realize a return on investment within five years after the first release of the XL GlobalClaim system. Expected savings are largely through greater staff efficiency and faster claim closings. Additional savings will come from lower costs associated with paper files, such as storage. So far, tracking against the project s IRR, XL is on target in year two. 2. The project came in 9% below budget and on time. 3. The claims organization is positioned for growth and change as a result of the efficiencies gained through business process change. XL is positioned for scalability into the future and can easily grow in size without resource concerns to handle claims. 4. The application and relationship with Accenture was leveraged in 2011 with the addition of XL GlobalClaim Customer Portal. With XL GlobalClaim, XL Group achieved its vision of a globally consistent, efficient and cost-effective handling and management system for both current and future claims. As a result, XL is well positioned in the global commercial insurance market. In addition, the company has achieved market-leading colleague satisfaction and motivation with low turnover within the claims operations. Customers and brokers are also benefiting from being able to tap into the system. According to Securitas Direct, a key XL customer that has used the XL GlobalClaim Customer Portal, XL has integrated in an intuitive and simple application all of the requirements of Securitas Direct in the management of claims. Being able to access information online to the activities conducted by them, and also by independent adjusters, and viewing each and every transaction, translates into time savings, which benefits both. Equally, the historical information provided by the application is of significant value in retrieving data and engaging in data analysis Conclusion XL GlobalClaim benefited XL Group s overall business in a variety of ways most importantly by enabling all global claims in to be processed on a single platform in a consistent manner across the insurance segment. Through its simplified business structure and processes, XL will realize cost savings and increased efficiencies for years to come. In the end, it is more than a state-of the art claims system: it is a strategic business tool that allows XL Group to analyze everything they do, which helps the enterprise become and remain more competitive. 7
9 In the words of XL s CEO, Mike McGavick, We have rebuilt our claims systems and built a global claims platform that is a very powerful body of information and insight and lowers the cost of claims handling. We have also developed new technology so that risk managers have a constant view of claims on a real-time basis with us. We can provide scrubbed data about how companies compare to their peers. This is a big value-added and creates super-sticky relationships between XL our clients, brokers and partners." The wide scope of these changes and the accompanying success of the project have earned XL Group the Celent Model Insurer of the Year Award. 8
10 Copyright Notice Prepared by Celent, a division of Oliver Wyman, Inc. Copyright 2013 Celent, a division of Oliver Wyman, Inc. All rights reserved. This report may not be reproduced, copied or redistributed, in whole or in part, in any form or by any means, without the written permission of Celent, a division of Oliver Wyman ( Celent ) and Celent accepts no liability whatsoever for the actions of third parties in this respect. Celent is the sole copyright owner of this report, and any use of this report by any third party is strictly prohibited without a license expressly granted by Celent. This report is not intended for general circulation, nor is it to be used, reproduced, copied, quoted or distributed by third parties for any purpose other than those that may be set forth herein without the prior written permission of Celent. Neither all nor any part of the contents of this report, or any opinions expressed herein, shall be disseminated to the public through advertising media, public relations, news media, sales media, mail, direct transmittal, or any other public means of communications, without the prior written consent of Celent. Any violation of Celent s rights in this report will be enforced to the fullest extent of the law, including the pursuit of monetary damages and injunctive relief in the event of any breach of the foregoing restrictions. This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisers. Celent has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been verified, and no warranty is given as to the accuracy of such information. Public information and industry and statistical data, are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information and have accepted the information without further verification. Celent disclaims any responsibility to update the information or conclusions in this report. Celent accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages. There are no third party beneficiaries with respect to this report, and we accept no liability to any third party. The opinions expressed herein are valid only for the purpose stated herein and as of the date of this report. No responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof.
11 For more information please contact or: Karen Monks NORTH AMERICA EUROPE ASIA USA 200 Clarendon Street, 12th Floor Boston, Massachusetts Tel.: Fax: France 28, avenue Victor Hugo Paris Cedex 16 Tel.: Fax: Japan The Imperial Hotel Tower, 13th Floor Uchisaiwai-cho Chiyoda-ku, Tokyo Tel: Fax: USA 1166 Avenue of the Americas New York, NY Tel.: Fax: Germany Marstallstrasse Munich Tel: Fax: China Beijing Kerry Centre South Tower, 15th Floor 1 Guanghua Road Chaoyang, Beijing Tel: Fax: USA Four Embarcadero Center, Suite 1100 San Francisco, California Tel.: Fax: United Kingdom 55 Baker Street London W1U 8EW Tel.: Fax: India Level 14, Concorde Block UB City, Vittal Mallya Road Banglalore, India Tel: Fax:
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