XL Catlin has integrated IHS Markit’s cloud-based analytics software to verify the security and quality of data captured from third-party sources.
The vendor’s Enterprise Data Management (EDM) Warehouse platform aggregates information on new business and applications into a single repository, while also merging historical data, according to the companies. The move is additionally expected to sure up XL Catlin’s data reporting capabilities to clients and regulators.
“EDM Warehouse has enabled us to quickly integrate and report on investment data, and has provided operational savings by replacing a legacy solution,” Rob Spuler, global head of investment operations for XL Catlin said, in a statement.
Last month, the insurance and reinsurance company deployed a new online claims reporting tool for marine insurance customers. The technology, powered by RightIndem, allows policyholders to share text or visual data relating to an incident around the clock via mobile, tablet or desktop.
Such initiatives caught the eye of European insurer AXA, which recently entered into a $15.3 billion agreement to purchase the Bermuda-based company in March. AXA cited a willingness to become more focused on the P&C insurance risk market rather than the life insurance market, especially in the U.S., as a reason for the move. With the pending acquisition, AXA would also gain access to two key innovation platforms: XL Accelerate, which focuses on innovation and insurtech; and XL Innovate, which makes direct investments in emerging companies.
"The rationale behind this decision was not based on cost savings, but this is really about a vision for growth," said AXA CEO Thomas Buberl about the deal.
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