Insurance

North America

Abstract

CIOs in all segments identify the business goals of growth and retention, process optimization, and innovation as the most important influences on their IT plans. Two initiative types lead the CIOs’ rankings in all three segments: legacy modernization and digital (including analytics and the Internet of Things).

In this webinar, Research Director Donald Light presents the key findings from Celent’s annual survey of North American property/casualty CIOs, outlining their priorities and pressures for 2017.

by Mohammed Mahfuz, February 14, 2017
Industry Trends
North America

Abstract

US consumers want more mature smart technologies that can deliver lower costs, faster services, and more personalization. If insurers want consumers to share their data, they should know consumers want something for it.

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

Report Methodology

3

 

About the Survey

3

 

Digital Savviness

3

 

Survey Participants

4

Past and Present User Experience

5

 

Service Preferences Are Changing with the Times

5

 

Insurers Need to Address User Experience Expectations

8

Data Collection, Use, and Willingness to Share

11

 

Approaches to Collect Private Consumer Data

11

 

Consumers Collect and Manage Useful Data for Insurers

11

 

Use of Social Media Data

13

 

They Want Incentives for It

17

Smart Technology Adoption

19

 

Today’s Consumers Like Smart Technologies

19

 

And They Have High Expectations of Them

20

 

But the Industry Perception Is Not so Great

21

Final Thoughts

23

 

The Need to Stay Informed About Data and Smart Technologies

23

 

Actionable Recommendations

23

 

Avoid the Big Revolution

23

Leveraging Celent’s Expertise

25

 

Support for Financial Institutions

25

 

Support for Vendors

25

Related Celent Research

26

REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN
February 13, 2017
Industry Trends
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

As digital technologies change how people live and work, financial services firms need to choose how they will adapt to a broadly reordered marketplace.

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

by Craig Beattie,  Mohammed Mahfuz,  Nicolas Michellod, February 9, 2017
Vendor Reviews
Global

Abstract

This report provides a high‑level categorisation of IT vendors having an offering in the data space for insurers. It profiles 41 IT vendors and categorises them using six categories Celent has defined: data storage; data quality; reporting; data visualization; artificial intelligence; and advanced analytics.

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

3

An Overview of the IT Vendor Spectrum

4

1insurer

7

Accenture

9

BAE Systems

11

Bigstep

13

Cap Gemini

15

Claimkit

17

CSC

19

EXL

21

FICO

23

FRISS

25

Guidewire

27

Hewlett Packard Enterprise

29

Hexaware

31

Hortonworks

33

HUGIN Expert

35

INFORM GmbH

37

Infosys

39

Insfocus

41

Insurity

43

Intellect Design

45

IPsoft

47

Lexis Nexis Risk Solutions

49

Majesco

51

Microsoft

53

Moore Stephens Business Solutions

55

Mphasis

57

Munich Re Automation Solutions

59

NTT Data Services

61

Optalitix

63

Oracle

65

Pitney Bowes

67

QuanTemplate

69

SAS

71

Semantify

73

Synectics Solutions

75

The Floow

77

Universal Conversion Technologies

79

Valen Analutics

81

Verisk

83

Wolters Kluwer

85

Yodil

87

Comparative Tables

89

by Karen Monks, February 9, 2017
Operations/ Benchmarking
North America

Abstract

Most life insurers have room to improve their new business processes and cost structures without compromising their ability to accurately underwrite risk. Although a variety of systems exist to automate the new business and underwriting process, the majority of insurers are not using them; paper applications and manual underwriting still reign supreme.

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

 

Technologies in Use

1

 

Key Findings and Performance Measures

2

 

Recommendations

2

Introduction

3

 

Focus Areas

3

 

Method

4

 

Limitations

4

About the Respondents

5

 

Background

5

 

Face Values and Types of Policies Sold

5

Technologies and Strategies in Use

7

 

New Business Automation Across Insurers

8

 

Missed Automation Opportunities

10

Performance Measures

14

 

Key Findings

14

 

Making Sense of the Numbers

15

Conclusion

21

 

Taking Action

22

Leveraging Celent’s Expertise

23

 

Support for Financial Institutions

23

 

Support for Vendors

23

Related Celent Research

24

REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN
February 8, 2017
North America

Abstract

The advent of the Trump Administration brings a new era for financial regulation and related legislation, with the potential for major changes in the US and globally. Although it is clear that the main theme will be deregulation, there is a very wide range of potential outcomes. This report describes the underlying forces at work, including the roles of the Administration, regulatory bodies, and Congress and the political dynamics driving how they will interact.

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

iPipeline Connections 2017

:
: March 15, 2017
: Colleen Risk, Karen Monks, Insurance
Global
Insurance

2017 LOMA Customer Experience Conference

: Las Vegas
: March 29, 2017
: Colleen Risk, Karen Monks, Insurance
North America
Insurance

The event examines new strategies and technologies to leverage information, strategies, and tactics to improve customers’ experience and build deeper customer loyalty. 

The Conference will probe topics like: 
•Omni-channel customer experience 
•Next-gen customer engagement 
•Improving the customer experience with cognitive technologies 
•Human capital strategies 
•And much more!

2017 ITA LIVE

: Pompano Beach
: March 12, 2017
: 2 days
: Michael Fitzgerald, Insurance
North America
Insurance

As with any promising, new technology, distributed ledger technology (DLT), also known as blockchain, is often discussed in terms of being a proverbial “hammer” for many solutions, which in turn look like nails. The fact is that many potential applications under review could be built on a number of different platforms. How does an insurer identify those solutions that are most suitable for DLT and that have the greatest potential for return? This session provides insurers with an evaluation model to assist with the prioritization of distributed ledger applications.

2017 Valen Summit

: Avon, CO
: March 7, 2017
: Karlyn Carnahan, Insurance
Global
Insurance

You hardly need reinforcement that insurance is focused on innovation and disruption. What you deserve is a conference that takes things up a notch with practical implications, and proven ways to modernize key business decisions and avoid the pitfalls of large scale change. You’ll gain a unique view into the multitude of players inventing new ways of serving insurance customers (hint: Silicon Valley is just one part of this landscape). Valen’s Summit is geared for P/C executives responsible for navigating a rapidly changing market and moving their teams forward.

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