Elephant Insurance Selects LexisNexis Policy Decisions Personal to Support Entry into US Market
Policy Decisions Personal Selected for Ease-of-Use and Turnkey Features
March 8, 2011 — New York, NY – LexisNexis®, a leading provider of legal and risk management solutions today announced that Elephant Insurance has automated policy administration with LexisNexis® Policy Decisions Personal. An affiliate of the London-based insurance company Admiral Group, Elephant Insurance selected Policy Decisions Personal for its ease-of-use and configurability to support the company’s cost-efficient, low-expense operating model.
Founded in 1993, Admiral Group grew to become the third largest automobile insurer in the United Kingdom by using very sophisticated pricing models and by maintaining an expense ratio nearly half that of competitors. As it entered the US market, the company knew it needed a policy automation solution that would help them achieve the same efficiencies. After a competitive search, Elephant Insurance selected Policy Decisions Personal because of its intuitive user interface and its modern architecture that minimizes the need for expensive, in-house Information Technology expertise..
"LexisNexis Policy Decisions Personal can be managed more directly with fewer IT personnel and came with turnkey applications that allowed us to minimize implementation time and custom development costs. Contract signing to go live was just over 6 months, and included implementation of a full policy administration solution and an on-line quote and bind application" said Andrew Rose, president and CEO, Elephant Insurance. "In addition, LexisNexis proved to be a great business partner; they committed the necessary resources to ensure an on-time, successful implementation."
LexisNexis® Policy Decisions Personal is a proven, web-based personal lines platform that empowers carriers to streamline operational processes and reach into new markets with feature-rich policy administration applications. From self service quoting and purchasing to full end-to-end solutions, Policy Decisions Personal delivers an integrated, consistent and powerful solution for every customer, agent, compliance and internal need.
"We are proud to help Admiral Group enter the US market through Elephant Insurance," said Bob Larew, vice president of insurance software for LexisNexis. "Elephant Insurance is committed to a strategy of gaining market share by exploiting cost efficiencies; we are excited that the ease-of-use and turnkey capabilities of Policy Decisions Personal were seen as one way to help support this approach."
With its highly configurable and customizable features, Policy Decisions Personal provides clients with new opportunities for operational improvements, opening the door to new markets and improving customer satisfaction. Policy Decisions Personal delivers real-time policy transaction processing, providing real-time access to current policy data across distribution channels. Additionally, the solution helps decrease time to market with an extensive self-service toolset and capabilities to configure and customize rating, user interface, workflow, security and more.
About Elephant Insurance
Elephant Insurance is a wholly owned subsidiary of Admiral Group, plc, which has 18 years of experience in auto insurance and over 2 million policies worldwide. As part of the Admiral Group plc, Elephant Insurance shares in their commitment to providing reliable coverage and excellent service at affordable rates.
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 15,000 employees worldwide.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions is the leader in providing essential information that helps advance industry and society. Building on the legacy of proven LexisNexis® services from the past 35 years, our cutting-edge technology, unique data and advanced scoring analytics provide total solutions that address evolving client needs in the risk sector while upholding high standards of security and privacy. LexisNexis Risk Solutions serves commercial organizations and government agencies and is comprised of several affiliated corporations, each offering premier customer-focused solutions. For more information, visit www.lexisnexis.com/risk/.