Insurance

by Colleen Risk, April 4, 2017
Case Studies
Global

Abstract

Celent Model Insurer 2017: Case Studies In Operational Excellence

What does it take to safeguard investments in technology and improve upon IT processes? This report recognizes projects such as successful reuse of technology for new initiatives; implementation of a nocore system, such as illustration, CCM, electronic applications, best practices in IT governance, IT operational management or IT program management and security policies.

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

3

 

Model Insurer Overview

3

 

Model Insurer Themes

3

 

About this Report

6

 

Summary of Model Insurer Award Winning Initiatives

7

Common Best Practices and Results

10

 

IT Best Practices

11

 

Measurable Business Results

14

Operational Excellence and Its Impact on the Insurance Industry

17

American Family Life Assurance Company (Aflac): Agile Transformation

19

Saxon Insurance: Virtual Global IT Organization

23

MassMutual: Data Science Development Program

27

Conclusion

31

Leveraging Celent’s Expertise

32

 

Support for Financial Institutions

32

 

Support for Vendors

32

Related Celent Research

33

2017 Innovation & Insight Day

Header Picture: 
2017 Innovation & Insight Day

Celent Model Bank        Celent Model Insurer        model insurer asia logo 

Sidebar: 

 

 

 

 

Table of Contents

(click on the category to go directly to that section of the page)

Overview

Feedback

Presentations

Photos

Program

Speakers

Banking Summary Blog

Model Bank Winners

Insurance Summary Blog

Model Insurer Winners

Model Insurer Asia Programme

Model Insurer Asia Speakers

Model Insurer Asia Winners

 

Sponsors

Celent would like to thank the following companies for their support of this conference.

Luncheon Sponsor

L&T Infotech

Take Charge Sponsor

Duck Creek Technologies

Lanyard Sponsor

EquiSoft

Sponsors

Avoka

ClearGraph

FINEOS

PayCommerce

Semantify

Unisys

Select sponsorship opportunities are under development for 2018. For more information, please contact Breanne Hickey at bhickey@celent.com or at +1 617-262-8224.

Global

Abstract

Leveraging artificial intelligence, insurers are able to engage with consumers in a faster, more consistent manner. Virtual customer service representatives, robo advisors, and virtual assistants are just the beginning. Celent Senior Analyst Wenli Yuan discusses real and potential use cases for leveraging artificial intelligence technology in the insurance industry — both now and in the future.

Innovation & Insight Day Asia

: Singapore
: May 23, 2017
: Neil Katkov, PhD, Insurance
Innovation & Insight Day Asia
Asia-Pacific
Insurance

What does it take to use technology effectively? Celent's Model Insurer Asia award winners provide critical insights into this question. The Model Insurer components represent case studies on effective use of technology. Insurers are recognized across a dozen or more categories in this annual Asia event of Celent's influential Model Insurer series. This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

by Karlyn Carnahan, March 17, 2017
Vendor Reviews
North America

Abstract

Growth and retention continue to be the top business goals affecting IT investments. In our current hypercompetitive marketplace, with continued pressure on rates, many carriers are focusing on improving their distribution practices to drive growth. Carriers are expanding channels, adding distributors, moving into new territories, and working to optimize their existing channel in order to improve customer acquisition and retention. Designing, developing, maintaining, and managing productive channel relationships can create a sustainable competitive advantage.

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

Introduction

2

Distribution Management Systems: Definition and Functionality

5

Report Methodology

12

Vendor Profiles

15

Callidus Software, Inc.: Callidus Cloud Insurance Suite

16

C2L BIZ Solutions Pvt Ltd: SymbioSys — Distribution Management System

21

Computer Sciences Corporation: PerformancePlus

25

Ebix, Inc.: Producer Support System

31

IBM Corporation: IBM Incentive Compensation Management (ICM)

36

Infosys McCamish LLC: PMACS — Producer Management and Compensation Systems

41

Intellect Design Arena: Intellect Distribution and Service Suite

46

Majesco: Majesco Distribution Management

51

Optymyze LLC: Optymyze Sales Performance

56

Outline Systems, Inc.: Producer One

61

StoneRiver, Inc.: Stream Distribution

66

Vertafore, Inc.: Vertafore Sircon Solutions

71

VUE Software — VUE Distribution Management Suite

76

Concluding Thoughts

81

Leveraging Celent’s Expertise

82

 

Support for Financial Institutions

82

 

Support for Vendors

82

Related Celent Research

83

by Karlyn Carnahan, March 17, 2017
Vendor Reviews
Global

Abstract

In our current hypercompetitive marketplace, with continued pressure on rates, many carriers are focusing on improving their distribution practices to drive growth. Carriers are expanding channels, adding distributors, moving into new territories, and working to optimize their existing channel in order to improve customer acquisition and retention. Designing, developing, maintaining, and managing productive channel relationships can create a sustainable competitive advantage.

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

Introduction

2

Distribution Management Systems: Definition and Functionality

5

Report Methodology

11

Vendor Profiles

15

Callidus Software, Inc.: Callidus Cloud Insurance Suite

16

C2L BIZ Solutions Pvt Ltd: SymbioSys — Distribution Management System

21

Comarch S.A.: Comarch Commission & Incentive

26

Computer Sciences Corporation: PerformancePlus

31

Ebix, Inc.: Producer Support System

36

Exaxe Ltd.: Channel Plus

41

Global Side GmbH: SAMOS Commission Engine

46

IBM Corporation: IBM Incentive Compensation Management (ICM)

51

Infosys McCamish LLC: PMACS — Producer Management and Compensation Systems

56

Intellect Design Arena: Intellect Distribution and Service Suite

61

Majesco: Majesco Distribution Management

66

Nissay Information Technology Co., Ltd.:  SRM (Sales Representative Management) System

71

Optymyze LLC: Optymyze Sales Performance

75

Outline Systems, Inc.: Producer One

80

StoneRiver, Inc.: Stream Distribution

85

Vertafore, Inc.: Vertafore Sircon Solutions

90

VUE Software — VUE Distribution Management Suite

95

Concluding Thoughts

100

Leveraging Celent’s Expertise

101

 

Support for Financial Institutions

101

 

Support for Vendors

101

Related Celent Research

102

Celent Webinar | Leveraging Consumer Data and Smart Technologies in Insurance: Mind the Gap!

:
: April 11, 2017
: 4 p.m. Tokyo time
: Nicolas Michellod, Insurance
Asia-Pacific
Insurance

Today, insurance companies have access to a plethora of data, and they need to carefully assess how to capture consumer data and where to find the sources. External data can add value to insurers’ business but they need to smartly invest to minimize the risks and challenges in relation to these investments.

Celent Webinar | Artificial Intelligence in Insurance: Use Cases from Early Adopters

:
: March 29, 2017
: 4 pm. Tokyo time
: Wenli Yuan, Insurance
Asia-Pacific
Insurance

Leveraging artificial intelligence, insurers are able to engage with consumers in a faster and more consistent manner. They can use virtual customer service representatives at contact centers to free up staff to deal with more complicated inquiries; use robo advisors to provide consistent, rule-based advisory services at an affordable cost; and use virtual assistants to guide processes and related transactions. Insurers can also upgrade authentication mechanisms to biometrics authentication, such as voice recognition.

Celent Webinar | Insurance in Europe: 2017 CIO IT and Business Priorities

:
: April 19, 2017
: 7:30 a.m. San Francisco | 10:30 a.m. New York | 3:30 p.m. London
: Nicolas Michellod, Insurance
Global
Insurance

Beyond Digital, getting value from Data Visualisation, AI & Robotics in insurance

:
: April 6, 2017
: 9:00 AM ET
: Jamie Macgregor, Insurance
Global
Insurance

The insurance industry is certainly no stranger to change. New technology, regulatory requirements and shifts in customer demand are driving almost constant change.

The Natural perils, globalisation, and disruption in distribution
combined with regulatory intervention and increased
competition has put immense pressure on insurers.

Rapid integration of technology and life has created a
proliferation of data, presenting unprecedented

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