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 more than 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 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.
Saxon was recognized for establishing a cloud-based, technology-driven system for its core insurance operations, human resources, accounting/finance and customer communications. 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,” said Saxon CEO Brian Williams.
Saxon said its move to a cloud-based system has provided significant benefits, as average transaction times were halved. The company has achieved double digit growth with the same level of staffing, along with a 30 percent cost reduction in hosting expenses, 80 percent reduction in first response time to emails/social media and a significant drop in staffing costs, Saxon said in a press release.
“The whole team is hugely proud of this international recognition. And although it is a great honor 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,” said Nick Brierly, chief financial officer.