Saxon Wins Celent Model Insurer Award for Operational Excellence
April 10, 2017
For the second time in four years, Saxon Insurance has received international recognition for its efforts in leveraging technology to advance its business operations.
Saxon was presented with the Celent Model Insurer Award for 'Operational Excellence in IT Management' at the annual Celent Model Insurers and Model Bankers Awards held on Tuesday, April 4 in Boston, Massachusetts. Saxon was among the top three in a field of over 80 insurance companies that were nominated for this award and won in the category with major insurers Aflac and MassMutual.
The Celent Model Insurance Award recognizes best practices in technology usage in different business areas critical to success in insurance. Celent is an international research and advisory firm that helps financial institutions to develop business and technology strategies. It is a division of Oliver Wyman, Inc, a wholly owned subsidiary of Marsh & McLennan Companies.
Saxon was also a runner-up in the 2014 Celent Awards in the "Legacy and Eco-System Transformation' category and the company's technology initiatives were profiled in Celent’s report, 'Model Insurer 2014: Case Studies of Effective Technology Use in Insurance'.
For the 2017 award, Saxon was recognized for establishing a cloud-based, technology- driven system for its core insurance operations, human resources, accounting/finance and customer communications. Using a third-party cloud provider, the wholly Caymanian-owned insurer has been able to "go global", while supporting local operations with consistent technology expertise to host and maintain its applications, as well as reduce its footprint. The migration to a virtual set-up began in October 2015 and was completed in September 2016.
"At the heart of our technology focus is a strong recognition that as insurers, we must be innovative and responsive in meeting the changing needs of our customers as and when they occur," stated Saxon CEO Brian Williams. "At Saxon, we have worked with some of the best technology providers in the business, whose services have seamlessly aligned with our business, enabling us to achieve operational milestones and global recognition, such as this Celent Award. We will continue to innovate, with the goal of always achieving higher levels of customer satisfaction and business excellence," he added.
Saxon's move to a cloud-based system has provided significant benefit, which has seen average transaction times decrease by 50 percent. The company has achieved double digit growth with same level of staffing, along with a 30% cost reduction in hosting expenses, 80% reduction in first response time to emails/social media and a significant drop in staffing costs.
"The whole team is hugely proud of this international recognition. And although it’s a great honour to receive such a prestigious award, for us it is just validation that the direction we are going in is the right one. We will never stop improving," stated Nick Brierly, Chief Financial Officer.
Saxon's focus on technology has also led to the introduction of telematics to monitor driving behaviour, with results used for rating and decision making purposes for the specific client.
Last year, Saxon also introduced drones to inspect homes after an initial insurance policy is purchased. This allows the company to get high-definition imaging of a property, calculate the square footage of the home, and spot damages of which the insured may not be aware. Based on the square footage reading, Saxon can determine if a home is underinsured and better advise clients so they don’t get penalized by underinsuring the home’s value.
Brian Williams, CEO (left) and Nick Brierly (right) CFO receive Celent Award from Colleen Risk, Celent Senior Analyst (centre).
Saxon Insurance is a Class A licensed Insuretech firm providing auto, residential and commercial property, home contents, business contents, liability and travel insurance in the Cayman Islands.
Saxon works with the world's largest insurers and brokers, including Lloyds of London, and Lockton and has been acclaimed in the international insurance market for outstanding service. The firm has been recognized for innovation with the 2017 Celent Model Insurer Award for Operational Excellence in IT Management and the 2014 Celent Award for Legacy and Eco-System Transformation.
Saxon, the only wholly Caymanian-owned insurance company in its market, is also a leading pensions provider, serving more than 14,500 individual account holders through Saxon Pension Services.
Two St. Ignatius High School students – Daniel Champoux and Robbie Rutkowski are the November
team of the month winners in the Saxon Investment Club program for the 2017-2018 school year. Their
team, 'Exponential Growth' had the highest return (20.42%) for the month of November among
Whatever happens, your investment is protected with Saxon’s property insurance policy. Backed by Lloyd's the global insurance leader, your policy is issued by Saxon. We use innovative technology to settle your claims fast.Doing business is always easy with Saxon whether by email, live chat, in-person, or by phone. Saxon is Smart insurance.
In another first innovation in the Cayman Islands insurance market, local insurer Saxon has employed the use of drones for data gathering, imaging and surveying purposes of residential properties that the company insures.
The Saxon Secret Door Party was held on Thursday, March 10th at the George Town Yacht Club was the crescendo of the Saxon Geo Quote Contest which ran from November 2nd, 2015 until February 29th, 2016. The contest was launched when Saxon announced the addition of Property Insurance to their product line.
Saxon uses sophisticated technology to determine vehicle risks called a Rating Engine. The Rating Engine identifies where a customer’s vehicle was manufactured, what the engine size is, various safety features and even what trim options it has because not all vehicles are created equally.
Thirty-seven people participated in the social media promotion. The contest called for Cayman motorists to submit photos of their damaged vehicles to the ‘Saxon Fix My Ride website’. Contestants requested their friends to vote for them and shared their photos. At the conclusion of the contest there were a total of 7000 “likes’ and over 11,000 unique visitors to the contest site
Dozens of high school students will be spending the next six months trading stocks, managing investments and learning about the financial markets, as part of the Saxon Investment Club programme for high school and college students.
World Record holder, Olympic Gold Medalist and arguably the fastest man in the world Usain Bolt touched down at Owen Roberts International Airport yesterday day morning on a Cayman Airways 737 from Kingston Jamaica to unprecedented fanfare requiring crowd control
Attention Wall Street, Bay Street, Portugal and Greece: your future and recovery just might lie in the hands of a handful of student investors in Grand Cayman. That's right - an extracurricular group of young students have found that their investment portfolio is up by more than a hundred percent
One of the Saxon Investment Club groups calling themselves Modern Day Investors would appear to have something to teach the portfolio managers of Toronto, New York and London. More impressive is their leading streak for four months running.
This is the second consecutive year that the Cayman Islands will join the rest of the world in honouring the achievements and positive contributions of men and boys. A generous community donation by Saxon made these activities possible.
Saxon has commenced its annual Drivers Education Programme in partnership between Saxon Motor and General Insurance Company, Prestige Motors, Cico Avis Rental Car Company, the Department of Vehicle and Drivers Licensing (DVDL) and the Ministry of Education.
Saxon is sponsoring the Cayman Islands Motorcycle Riders Associations (CIMRA) 2012 Toy 4 Tots Toy Drive running December 3 through 12, 2012. New, unwrapped toys can be dropped off at Saxon Centre and will benefit local families.
Saxon a wholly owned Caymanian company and the leading insurance provider serving the Cayman Islands have named the grand prize winner of its License To Win contest held during the recent Pirates' Week events; Henry Ferguson of George Town
Based out of Cayman Islands Saxon, have helped finance the FC International football training camp in the Cayman Islands. Founded in 1993, hundreds of youth ages 6 to 16 from across the Cayman Islands have participated in the football camp learning fundamental skills and athletic leadership.
An elite group of students are about to once again prove that it's never too early to start managing your money. This year's Saxon Investment Club was launched on October 1st to local high school and college students ages 14-19;
Saxon (Saxon), a leader in insurance and buy online services, announced today its partnership with Brac Insurance as official partners in Cayman Brac to expand services for the firm's growing customer base in the Cayman Islands.
VVolunteers from the Cayman Islands Animal Humane Society (CIHS) had an incredibly challenging couple of months with storms flooding the shelter areas leaving enclosures uninhabitable for the many cats and dogs living there.
Saxon Motor & General Insurance Company Ltd. began its public school drivers education programme with co-sponsors dms Organisation Ltd., Prestige Motors, Avis, the Cayman Islands Ministry of Education,