XL Global Services, Inc. and P&C Insurance Systems, Inc. Team Up To Support XL Insurance Workers’ Compensation Business
XL to gain significant operational efficiencies through consolidation of multiple systems to the common PCIS CompVision platform
New York, NY – September, 2011 – PCIS, a proven and trusted provider of policy administration and claims solutions, today announced that XL Global Services, Inc., a subsidiary of XL Group plc (“XL”), has selected PCIS’s CompVisionTM to support XL insurance workers’ compensation business for multiple XL carriers in all 50 states, plus Guam and Puerto Rico. The CompVision solution will support quotations, rating, policy issuance and transactions, and both NCCI and non-NCCI reporting. The implementation is on track for production use in early 2012.
CompVision was selected in large part due to its design specifically as a workers´ compensation offering and its proven production use in a large number of states. Given the complex requirements, CompVision’s singular workers’ compensation focus provides a superior foundation and the flexibility to configure XL’s specific requirements.
XL’s CompVision implementation takes advantage of a PCIS developed integration layer that utilizes web services to access all of CompVision’s functionality. With this approach, XL will be able to seamlessly access CompVision functionality from any of its front-end applications.
The multiple business units within XL are currently utilizing a variety of technology platforms and operational workflows. Consolidating all workers’ compensation business to the common CompVision platform will provide:
• Improved IT and business operational efficiencies;
• Significantly reduced user manual interaction to issue a policy;
• Policy issuance in a fraction of the time currently required;
• Easy access from any location to current and accurate rates and information; and
• Advanced support for large deductibles, retrospectively rated policies, wraps ups and professional employment organizations (PEOs).
Commenting on the selection of PCIS and CompVision, XL Insurance Chief Executive, North America Property & Casualty Seraina Maag, said: “We did an extensive market search and early in our process determined that we wanted a vendor that really understood workers’ compensation and a solution that was designed specifically to 2 handle comp’s unique requirements. Our actuaries were diligent in their evaluation and testing of the solutions under consideration, and they determined that PCIS and the CompVision solution were the best fit for us. We really put PCIS through the paces, including a three month proof of concept, and we couldn’t be more pleased with the system as well as the expertise of the PCIS staff.”
XL’s Enterprise Technology and Strategy Officer, Robin Arendt added: “Not only was CompVision a functional fit for us, but the technology and integration capabilities were also a good complement to our IT strategy and vision. With all of our workers’ compensation business supported on a single system, we can maximize the benefits for our users and take advantageof the IT operational efficiencies.”
“I would like to thank XL for selecting the CompVision solution and for their recognition of the value of our workers’ compensation expertise and focus,” noted Georgette Loizou, PCIS Executive Vice President. “Working with the XL team through the evaluation and the proof of concept was a great experience. They approached the project using a collaborative methodology that allowed each team member to be creative in adding value and new ideas – all with the goal of coming to the best possible solution. It was enjoyable, educational, and most of all highly productive for everyone involved. We look forward to continuing this collaborative approach as we roll out the implementation in all 50 states and two jurisdictions.”
CompVision is a powerful and integrated 50-state quote, rate, policy issuance, policy administration, claims management and premium accounting system. The system provides control of underwriting parameters guarantees compliance with regulatory and corporate policy standards.
XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.
XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks. XL Group plc, 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 on a worldwide basis. Its principal offices are located at No. 1 Hatch Street Upper, 4th Floor, 3 Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com
Established in 1978 and headquartered in New York, P&C Insurance Systems, Inc. (PCIS) is a proven and trusted provider of comprehensive policy administration and claims solutions to the property and casualty insurance industry. With an in depth knowledge of both technology and real-world business requirements, PCIS has earned a leadership position in the workers’ compensation market, in addition to a strong market footprint among a broader range of carriers, MGAs, TPAs, and member-based organizations. For more information visit www.pcisvision.com or call 212.425.9200.
Susan Douglas Solomark Associates [email protected] 847.895.2634
Christine Weirsky [email protected] 610-968-9395