Insurance

by Craig Beattie, May 16, 2017
Industry Trends
Global

Abstract

The definition of a modern insurance system is changing, and so is the business case.

Celent has released a new report titled Emerging Technologies for Core Systems: 2017 Edition. The report was written by Craig Beattie, a Senior Analyst with Celent’s Insurance practice. 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

What Is a Digital Insurer?

2

Trends

4

 

Further Detail

5

How These Trends Are Manifesting in Insurers

8

 

IoT-Enabled Products

9

 

Adaptive Portals

10

 

Crowdsourcing Staff and the Sharing Economy

10

New Benefits Case for New Modern Systems

11

 

Structure of the Business Case

11

Finding a New Modern System

17

 

Moving Forward

18

Leveraging Celent’s Expertise

19

 

Support for Financial Institutions

19

 

Support for Vendors

19

Related Celent Research

20

Web Seminar: The new insurance buyer: Digital transformation in the insurtech age

:
: May 23, 2017
: 2 PM ET/11 AM PT
: Michael Fitzgerald, Insurance
North America
Insurance

Hosted by Digital Insurance (formerly Insurance Networking News)

Today's traditional insurance acquisition model is quickly becoming obsolete.

Four Star Award Winners Announced

Miami, Florida, USA
May 11, 2017

Four Star Award Winners Announced

 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

EMEA

Abstract

Celent surveyed consumers to understand their expectations about their digital interactions with insurers, their willingness to share data with them and also their level of adoption of smart technologies (robots, artificial intelligence, etc.). Senior Analyst Nicolas Michellod details our survey findings and provides recommendations on how to take advantage of consumers’ willingness to share their data.

by Craig Beattie,  Nicolas Michellod, May 11, 2017
Industry Trends
Global

Abstract

Robots and AI can be applied in various insurance domains including customer service and advisory.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

The Emergence of New Digital Customer Interaction Tools

2

 

Defining Machine-Driven Interactions

2

 

Consumer Appetite for Machine-Driven Interactions

2

 

Current Adoption Among Insurers

3

Challenges for Insurers

5

 

The Evolution of Cognitive Conversation Tools

5

 

Business Challenges for Insurers

6

IT Alignment Considerations

8

 

High-Level Architecture

8

 

Key Functional Requirements

9

 

Back End System Considerations

10

Celent Recommendations

12

Leveraging Celent’s Expertise

14

 

Support for Financial Institutions

14

 

Support for Vendors

14

Related Celent Research

15

Reinventing Distribution: Channel Management in a Rapidly Changing World

: Webinar
: June 8, 2017
: 2:00 p.m. ET
: Karlyn Carnahan, Insurance
North America
Insurance

Most insurers consider distribution management to be a key part of their overall strategy. Insurers are adding new channels, increasing distributors, moving into new territories, and working with InsureTech startups to drive more business. These multiple channels are effective at targeting different aspects of the market, but add complexity when it comes to channel management.

AASCIF 2017 CONFERENCE

: Oklahoma City, OK
: June 27, 2017
: Karlyn Carnahan, Insurance
North America
Insurance

The world of technology changes at a blinding pace. Some of these new technologies have provided great benefits, enabling IT to provide expanded functionality, greater efficiencies, and improved performance. Technology has changed the way insurers interact with customers, agents, and regulators. But there is also a set of technologies waiting to be proved within the industry which despite showing some promise, come with some technology risks and the potential for vendor hype. This session will highlight emerging business and technology trends for Workers Compensation

Connected Claims Conference 2017

: San Ramon, California
: May 24, 2017
: Karlyn Carnahan, P-C/General Insurance, Insurance
North America

Claims is one of the areas of insurance where we see the most innovation occurring, however, staying on top of innovations in claims can be challenging as new technologies continue to proliferate. From analytics to wearables, there are significant returns to be gained by deploying leading techniques in the claims process. Building agility and flexibility into the culture will continue to be a competitive advantage for those that can pilot and deploy innovations quickly.

Fintech Americas 2017

: Miami, Florida
: October 5, 2017
: Juan Mazzini, Banking, Insurance, Wealth Management
Latin America

Now in its 4th year, Fintech Americas has established itself as an industry leader in helping bankers and
financial professionals transform their organizations into more agile, technology-driven companies by

Insurance Analytics Europe

: London, UK
: October 9, 2017
: Craig Beattie, Insurance
EMEA
Insurance

Insurance data and analytics event – the two days where tech and business come together to drive maximum value from analytics.

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