The AXA Commercial Lines & Personal Intermediary underwriting team has received two major accolades for innovative use of technology in its underwriting processes.
Celent, an international financial research and consulting firm, has named AXA as a Model Insurer 2013, one of 18 insurers from across the globe to receive the prestigious award. Celent bestows awards to those organisations that can best demonstrate the use year’s best technology initiatives through the use of innovation, best practices and measurable business results.
AXA was also shortlisted for the Innovation through Technology award by the Institute of Risk Management at its annual Global Risk Awards. The international panel of judges recognised AXA for its best practice of risk management through use of technology.
The recognitions were given for the use of the Mapflow risk assessment software as part of the underwriting process. The software enables the underwriting team to use mapping to accurately assess flood, subsidence and terrorism risks for individual buildings, rather than simple postcode underwriting, the current industry standard approach.
David Williams, Director of Underwriting at AXA Commercial Lines and Personal Intermediary comments: “We’re delighted to have received these accolades in recognition of our innovative approach to underwriting, not just in the UK, but on a global scale. The Model Insurer award is testament to the hard work and dedication of all members of the underwriting team, not only for integrating the technology into our processes, but for demonstrating the impact on our overall performance, signifying our position as market leaders in terms of our underwriting capabilities.”
