Exaxe: Streamlining Policy Administration like Never Before

Norman Carroll, CEO, ExaxeNorman Carroll, CEO
The insurance industry has a long history of being slow to implement latest technologies—firms have always employed a traditional upfront license fee commercial model followed by the payment of an annual license and maintenance fee. With the onset of Software as a Service (SaaS), however, the insurers are slowly leveraging the advantage of cloud for per usage payment calculated on meaningful metrics such as number of policies or users. “This evolution has allowed CIOs to approach the replacement of legacy administration systems in a phased, measured, and lower risk manner,” observes Norman Carroll, CEO, Exaxe. At this juncture, the Ireland based Exaxe provides component solutions that support the full policy lifecycle, from initial fact finding and needs analysis right through to policy administration and the payment of a claim. “Insurers are now embracing the benefits of SaaS models to reduce costs, improve service levels, and launch new innovative products,” extols Carroll.

Keeping pace with the market trends, Exaxe helps organizations build a strong customer base by providing Illustrate Plus, a web based configurable illustration service that allows clients to launch new products quickly and populate an online application form effortlessly. Furthermore, it has an innovative calculations engine and rules based product development application that helps process application forms straight through to the Exaxe policy administration solution or any other third party administration system. Carroll believes that the need to manage and establish new distribution channels is key to the success of any life insurance and pension provider. Catering to this need, Exaxe’s Channel Plus solution is a distribution management system that allows clients to set up multiple channels for agents, while simultaneously managing the payment of commissions and fees.

Admin Plus’ cost of ownership is significantly lower than a majority of other policy administration solutions because it is designed and developed on a modern technology platform

Additionally, “it can be easily integrated to Exaxe’s administration system or the client’s existing systems,” says Carroll.

Adding more value to Illustrate Plus and Channel Plus, Exaxe offers Admin Plus, a SaaS solution that allows policy servicing and customer support throughout the policy lifetime, seamlessly across websites, portals, tablets, and smartphones. “Admin Plus’ cost of ownership is significantly lower than a majority of other policy administration solutions because it is designed and developed on a modern technology platform,” says Carroll. Besides offering superior software solutions, Exaxe also has implementation services to assist customers configure the solution to their needs, without disrupting existing products and processes. “If required, we provide a policy migration service to support the relocation of existing policies from the legacy system across to Admin Plus, ensuring that the business case benefits are realized as quickly as possible,” adds Carroll.

For the future, Exaxe plans to expand across new geographies and has already made progress in the North American market. A staunch believer of constant innovation, Carroll says, “Our three year plan is to grow our recurring revenues on the back of growing our SaaS customer base.” The two main initiatives that will capture a client’s interest are Auto-advice—an automated advice model—and the initiative to determine how big data can benefit the life insurance and pensions sector. “Exaxe will continue to invest heavily in further innovating its solutions and intends to add more features in the coming years,” concludes Carroll.