2013 Innovation & Insight Day



This year's Innovation & Insight Day explored how insurers and financial institutions are leveraging technology in innovative ways to differentiate themselves in the increasingly competitive and challenging marketplace.  We covered a variety of best practices and offered a sneak preview into the future trends of the industry. The event also served as a showcase for the winners of Celent's annual Model Bank Awards and the Model Insurer Awards.


If you did not have time fill out a feedback form at the event, please take a moment now to complete it. We value your views.

Feedback Survey


General Presentations

Welcome, Craig Weber

Keynote Session, Jeanne Ross

Contest Entries

Banking Presentations

Multichannel Delivery: Raising the Bar

Model Bank Awards

Debunking Mobile Payment Myths

Insurance Presentations

Model Insurer Awards

Model Insurer of the Year

Where to Next and How Do We Get There?

Insurance Executive Panel


2013 Model Bank Award Winner
Product Development: Citibank

(www.transactionservices.citigroup.com, @Citi, @CitiGTS)

Honored in Product Development for their payments analytics initiative.

By allowing for easy access to all global payments data at one convenient location, the Citi Payment Analytics tool provides its multinational clients with unprecedented visibility, accuracy, and control over their payables activities. Payment Analytics is an interactive tool that offers insights and transforms data into actionable intelligence to help clients optimize payables management to increase operational efficiency and reduce processing costs.

2013 Model Insurer Award Winner
Billing: CNA


Honored for setting a new standard for functionality and flexibility in billing with a custom-built agent portal.

Agency Bill Pay is an online billing system that allows agents to reconcile bills, instantly view payment discrepancies, and submit disputes electronically. Built in house, it addresses agent requests for a streamlined, paperless approach to process and pay CNA bills online. So far, it has tripled automatically-matched payments, eliminated 10% of manually generated invoices, resulted in a reduction in staff from efficiencies gained through integration, automation of billing, and improved cash management and collections systems.


2013 Model Insurer Award Winner
Claims: CNA


Honored in Claims for using data analytics to combat fraud.

In 2011 CNA’s Special Investigations Unit began using SAS Fraud Framework for Insurance in four lines of business: workers compensation, general liability, commercial auto, and commercial property. So far they have recovered or prevented payment of fraudulent claims totaling approximately US$2.1 million.


2013 Model Insurer Award Winner
Claims: Genworth Financial

Genworth Financial

Honored in Claims for improving the claims process with real time, web-based filing and management.

The Claims Evolution project was developed to improve customer experience by simplifying a protracted, complex, and paper-centric process. Genworth’s integrated worldwide policy administration platform, TIA, is an important element to the structure of the solution and Dell Systems was engaged as a partner in the building the claims solution. Fully deployed across eleven countries in 2012 after a twelve month development, Genworth exceeded their goal of a 15% adoption rate in four of the countries within six months.

2013 Model Insurer Award Winner
IT Management: Great American Insurance Group

Great Insurance Insurance Group

Honored in IT Management for creating a low cost, low impact collaborative innovation group within IT.

In January 2012, GAIG opened its Innovation Lab (“iLab”). Six IT employees are taken away from their normal jobs for six weeks and given several broad challenges, the most important of which is to "create something that will benefit the company." The iLab allows IT teams in all disciplines (application and infrastructure) to join forces to support their shared,core value of collaboration. The combined expenditures did not exceed $10,000. For each project, GAIG invested 1% of its IT personnel (6 people from a staff of 600) and by rotating them, GAIG is able to continually fund the iLab initiative.


2013 Model Insurer Award Winner
Distribution: Hiscox USA

Hiscox USA
(www.hiscoxusa.com/smallbiz, @hiscoxsmallbiz)

Honored in Distribution for expanding into a strategically important distribution channel.

In 2010, Hiscox USA began offering real time, online quote and buy for Errors & Omissions, General Liability, and BOP coverage to small businesses. One of Hiscox’s competitors in the small business market was SeaPass and its internal insurance agency BOLT. In 2012 Hiscox changed the relationship from competitors to partners.

2013 Model Bank Award Winner
Impact: J.P.Morgan Chase

J.P.Morgan Chase

Honored for Impact for their Corporate Mobile Deposits initiative.

J.P. Morgan’s Image Deposit Direct (IDD) Mobile enables large corporate clients to make remote check deposits through smartphones, automatically linking them to their desktop-based remote check deposit and other systems, in a client configurable manner. IDD Mobile eliminates the need to have an office employee gather deposits from workers in the field. This saves time, speeds deposits, and increases the security of transactions.


2013 Model Bank Award Winner
Marketing and Sales: Regions Bank

Regions Bank

Honored for Marketing and Sales for their NOW Banking Initiative

Serving the underbanked has been a difficult sell for most banks. However Regions Bank viewed it as an opportunity. When clients told the Bank they were going elsewhere for certain services, like check cashing, Regions listened and responded with a complete set of financial tools that serve their needs. Regions’ Now Banking Suite of financial management products and services allows Regions to say "Yes" to existing customers and prospects that currently use alternative financial services at nonbanks.


2013 Model Insurer of the Year
XL Group

XL Group

Honored for its XL GlobalClaim project, a truly global claims system providing the same process and system for all business areas of XL Group Insurance around the world.

Based on Claim Components, Accenture’s claims processing software application, XL GlobalClaim benefited XL Group’s overall business in a variety of ways. Through its simplified business structure and processes, XL will realize cost savings and increased efficiencies for years to come. It is a strategic business tool that allows XL Group to analyze everything they do, which helps the enterprise become and remain more competitive.


8:00 a.m.


Registration and Networking Breakfast

Sponsored by IntelliResponse

8:45 a.m.



Craig Weber, CEO, Celent

We announced the winners of the Innovation is contest and set the stage for the day by giving an overview of what innovation means in the industry.

9:15 a.m.


Keynote Address
Creating Innovation DNA

Jeanne Ross, Director and Principal Research Scientist, MIT Sloan Center for Information Systems Research

Why do some companies “get it” more than others? Innovation guru Jeanne Ross explored how companies develop a proclivity for innovation.  Attendees heard real world examples from inside and outside the financial services industry of firms that have successfully incorporated innovation into their corporate infrastructure. They learned the role the digital economy plays in the process and how they could leverage these opportunities to position their firm at the forefront.

10:00 a.m.


Networking Break

 10:30 a.m.


Concurrent Sessions

Multi-channel Delivery: Raising the Bar

Jacob Jegher, Research Director, Celent
Bob Meara, Senior Analyst, Celent

Dan Dickinson, Head of Online and Mobile Banking Canada, Bank of Montreal (BMO)

Tom Poole, Managing Vice President, Enterprise Mobile and Social Media, Capital One
Kim Summerrow, Senior Vice President, Core Retail Innovation, Bank of America
Mike Young, Vice President, Banking Product Team Manager, EverBank

As consumers become more digitally driven, excelling in multi-channel retail delivery is of growing importance. To some, this simply means having a 360 degree view of the customer. Then what? This panel discussion explored topics including, alternative distribution strategies, the role of physical channels in a virtual world, and how banks can optimize their channel experience in order to improve sales and service.

Model Insurer Awards

Karen Monks, Analyst, Celent

Celent revealed this year's  “model insurers” from a large number of nominations and recognized them for their effective use of technology.

Model Insurer of the Year

Celent recognized XL Group as Model Insurer of the Year for its exceptional initiative. This institution presented a case study, providing details regarding their initiative, and explaining the benefits.

12:00 p.m.


Networking Luncheon

Sponsored by Ernst & Young LLP

1:00 p.m.


Concurrent Sessions

Model Bank Awards

Bob Meara, Senior Analyst, Celent
Stephen Greer, Analyst, Celent

Each year Celent selects “model banks” from a large number of nominations and recognizes them for their effective use of technology. This year, Celent recognized banks in the areas of customer service, distribution, infrastructure, product development, security and risk management, and transaction processing.

Where to Next? and How Do I Get There?

Craig Beattie, Senior Analyst, Celent
Mike Fitzgerald, Senior Analyst, Celent
Chuck Johnston, Director, Life/Health Americas, Celent

Innovation is temporary, especially in established industries like insurance. Innovation itself is not a sustainable competitive advantage, but the ability to innovate is. Celent analysts looked at the short- and long-term trends facing the insurance industry relative to where insurers stand now. Attendees left ready to answer the questions “What Next? and How Do I Get There from Here?”

2:00 p.m.


Networking Break

Sponsored by SunTec

2:30 p.m.


Concurrent Sessions

Model Bank of the Year

Celent recognized one BBVA Compass as Model Bank of the Year for its exceptional initiative. This institution presented a case study, providing details regarding the bank’s initiative, and explaining the benefits.

Executive Panel

Donald Light, Director, Americas Property/Casualty Practice, Insurance, Celent

Michel Finschi, Senior Vice President and Chief Operating Officer – Claims, XL Services Switzerland Ltd
Justin Manley, CIO - Americas, Torus Insurance
Bonnie Wasgatt, Vice President, Jackson National Life 

Our expert panel of senior IT and business executives discussed innovation in their companies, as well as year over year changes in IT priorities and budgets.

 3:00 p.m.


Debunking Mobile Payments Myths
Zilvinas Bareisis, Senior Analyst, Celent

This session on mobile payments and digital wallets focused on debunking three mobile payment myths:

1) Mobile Payments = NFC
2) One Wallet Will Rule Them All
3) Banks Don’t Have To/ Can’t Do Much About Mobile Payments

4:00 p.m.


Closing Remarks

 4:15 p.m. 

Cocktail Reception

Sponsored by Wipro


Jeanne Ross
Director and Principal
Research Scientist

MIT Sloan Center for Information Systems
Research (CISR)


 Jeanne W. Ross directs and conducts academic research that targets the challenges of senior level executives at CISR's more than eighty global sponsor companies. She studies how firms develop competitive advantage through the implementation and reuse of digitized platforms. Her work has appeared in major practitioner and academic journals, including MIT Sloan Management Review, Harvard Business Review, The Wall Street Journal, MISQ Executive, MIS Quarterly, the Journal of Management Information Systems, IBM Systems Journal, and CIO Magazine. She is co-author of three books: IT Savvy: What Top Executives Must Know to Go from Pain to Gain (2009), Enterprise Architecture as Strategy: Creating a Foundation for Business Execution (2006) through Harvard Business School Press, and IT Governance: How Top Performers Manage IT Decision Rights for Superior Results (2004). She has served on the faculty of customized courses for a number of major corporations, including PepsiCo, McKinsey, General Electric, TRW, Pfizer, News Corporation, Commonwealth Bank of Australia, IBM, and Credit Suisse. She regularly appears as a speaker at major conferences for IT executives.



Zil Bareisis
Senior Analyst


 Zilvinas Bareisis is a Senior Analyst within Celent’s Banking Group and is based in our London office. Mr. Bareisis’s research focus is on retail payments, particularly cards and alternative payment methods. As an analyst, and in his previous role as a management consultant, Mr. Bareisis has served leading banks, other financial services institutions and their technology and service providers in Europe, the US, the Middle East, and Asia-Pacific. Before joining Celent, Mr Bareisis was a Principal at Oliver Wyman Financial Services, and he has also worked at Diamond Management and Technology Consultants and Cambridge Technology Partners. Mr. Bareisis has been widely quoted in the press, including The Banker, The New York Times, American Banker, Los Angeles Times, PaymentsSource, and Cards International.

Craig Beattie
Senior Analyst


 Craig Beattie is a Senior Analyst in Celent’s insurance practice, based in London. He brings extensive experience in the use of enterprise architecture and applications architecture practices in the insurance industry, working within insurers. Mr. Beattie has advised insurers on IT strategy, legacy modernisation, insurance vendor analysis and enterprise architecture topics, principally in the EMEA region. Recent consulting clients have engaged Mr. Beattie for policy administration vendor analyses, market entry strategies, and product messaging work for insurance vendors. Prior to Celent, Mr. Beattie was an applications architect with Royal Bank of Scotland Group’s Strategy and Architecture team.

Dan Dickinson

Online & Mobile Banking

BMO Bank of Montrea
 Dan Dickinson is the Head of Online and Mobile Banking (Canada) at BMO Bank of Montreal. He is responsible for strategy, project development, and sales for the personal online and mobile banking channels. Mr. Dickinson directs the team responsible for a number of recent digital channel initiatives, including BMO MoneyLogic, online appoiment booking, online banking redesign, and the launch of BMO mobile banking and alerts.

Michel Finschi
Chief Operating Officer

XL Group

Michel Finschi is Chief Operating Officer, Claims,  at  XL Group . He has  over 18 years experience of working in the insurance industry, the last 12 of which have been with XL Group. At XL Group he has worked in both Switzerland and the US, leading various complex, multi-national business process, re-engineering and off-shoring projects. Notable career achievements include leading the operational transformation programme for XL GlobalClaim™. This three-year project helped XL Group to become one of the first insurance carriers in the industry to introduce a single web-based platform for managing claims worldwide for all lines of business. The initiative has won numerous awards to date.

Mike Fitzgerald
Senior Analyst

 Mike Fitzgerald has expertise in property/casualty automation, operations management and insurance product d evelopment. His research focuses on billing, business process and operations, social media use in insurance, and distribution management. Prior to joining Celent, he was VP of Enterprise Underwriting Solutions at Zurich North America. His technology implementation experience includes the installation and maintenance of billing, automobile policy administration, and workers compensation automation.
Stephen Greer


 Stephen Greer is an analyst in Celent’s Banking group and is based in our San Francisco office. His research focuses on retail banking strategies and technology. Recent work includes: Innovations in Mobile at Finovate, Business Process Outsourcing in Banking, What App Doc? and A Snapshot of the Global Core Banking Market. He joins Celent from Springboard Research, where he wrote numerous reports on Internet and communication technology market dynamics in the Middle East and Africa. Previously, he worked with a small financial management firm to support client relations and optimize analytic efficiency.

Jacob Jegher
Research Director


 Jacob Jegher is a Research Director within Celent’s Banking Group. Mr. Jegher’s research focuses on emerging technologies and business strategies in retail and wholesale banking. He heads up Celent’s online banking research and is a recognized thought leader in this space. His recent research has focused on next-generation online and mobile banking, personal financial management, social media, and financial technology startups. Mr. Jegher has provided strategic consulting on issues ranging from online channel strategy to vendor selection. He has been widely quoted in the press including The New York Times, The Wall Street Journal, Bloomberg, and the Associated Press   . Before joining Celent, Mr. Jegher was an Analyst for BCE Emergis, where he was responsible for business strategy as well as market and competitive intelligence.
Chuck Johnston
Director, Life/Health
 Chuck Johnston is a Research Director in Celent’s Insurance group and is based in greater Hartford. His research is focused on all aspects of group and individual life insurance technology and business strategies. Mr. Johnston has more than 25 years of expertise in insurance and information technology. Prior to joining Celent, he held several roles at Oracle Insurance, including Vice President Global Insurance Strategy and Solutions. He previously served in senior management roles focusing on financial services go to market strategy and execution at Siebel and Callidus Software. He is a frequent presenter at industry conferences, including LOMA events, ACORD, IASA, and the International Insurance Society.
Dan Latimore
Senior Vice President
 Daniel W. Latimore, CFA, is the Senior Vice President of Celent’s Banking group and is based in the firm’s Boston office. Mr. Latimore’s areas of focus include consumer behavior, innovation, and technology-enabled strategy. Mr. Latimore has been widely quoted in the press, including the Boston Globe, CNBC and CNBC Europe, and American Banker. He has been a frequent speaker at industry conferences and client presentations, having delivered addresses in more than a dozen countries to audiences ranging from intimate meetings with CEOs and central banks to keynote speeches to 800 people. He has held senior management positions in research groups at Deloitte and IBM, has worked in industry at Merrill Lynch and Liberty Mutual, and was a consultant at McKinsey & Co.
Donald Light
Director, Americas
Property/Casualty Practice
 Donald Light is the Director of Celent’s Americas Property/Casualty Insurance Practice. His research and consulting focuses on: technology and business strategy, policy administration, underwriting, claims, reinsurance, and risk analytics. His recent consulting work includes: developing a strategic IT plan for a specialty insurer, vendor selection advisory work for rating, policy administration, and claims; a build vs. buy analysis for core systems; and several due diligence projects for acquisitions. Mr. Light has been widely quoted in the press and media, including The Wall Street Journal, The New York Times, Financial Times, The Economist, NBC and CBS Evening News, CNBC, and National Public Radio. Prior to joining Celent, Mr. Light was an insurance subject matter expert with Sapient.
Justin Manley
CIO, Americas
Torus Insurance

 Justin Manley has 20+ years of IT experience, across government, banking and insurance industries, in broad-based management of systems design and development, implementation and support. He joined Torus in it's first year in 2009 tasked with building a world class IT team for Torus Americas. He led and executed establishing Torus' eBusiness platform, ESCAPE, which has been recognized as a leader in its market. The system led to Torus winning the 2012 Celent Model Insurer award for best Agency Portal. Mr.  Manley regularly speaks at industry events such as IASA and ACORD-LOMA on underwriting automation and has been featured in Microsoft’s Finance OnWindows magazine and other insurance industry publications.


Bob Meara

Senior Analyst

 Bob Meara is a senior analyst in Celent's banking group and is based in Atlanta. Mr. Meara’s research focuses on the branch and ATM delivery channels, check and remittance processing and cash automation technologies. A well known authority on remote deposit capture, Mr. Meara has led multiple consulting engagements including several proprietary research projects involving financial services hardware, software and the impact of self-service on branch banking. Before joining Celent, Mr. Meara was the director of product marketing at Alogent. In this role, he positioned and launched a series of Check 21 payments solutions. Prior to Alogent, Mr. Meara has also held positions in marketing and brand management at Stonebridge Technologies, Telemate.net Software, BellSouth, Hayes Corporation, and Procter & Gamble in addition to being a commissioned naval officer.
Karen Monks


Karen Monks is an Analyst in Celent's insurance practice and is based in Richmond, Virginia. She brings a broad range of insurance and consulting experience to her work as she has worked as a management consultant to and within insurance carriers and other financial services companies for over 15 years. Ms. Monks’ research concentrates on life insurance technology and trends. A few of the reports she has written concentrated on new business and underwriting, mobile technology, and policy administration systems. She has been the coauthor of the past two Celent North American Insurance software deal trends reports. Recent consulting projects include a marketing and distribution management systems review and several small life insurance technology analyses. Ms. Monks’ research has been featured in Insurance & Technology, Insurance Networking News, and Technology Decisions.  Prior to joining Celent, Ms Monks was a financial analyst for a small Richmond, VA financial valuation firm.
Tom  Poole
Managing Vice President
Enterprise Mobile and Social Media

Capital One

 Tom Poole is the Managing Vice President for Enterprise Mobile and Social Media at Capital One. In this role, he is responsible for developing Capital One’s mobile banking and payments strategy, building and delivering great mobile banking products, expanding Capital One¹s social media programs, and improving Capital One’s social customer service. Prior to his current role, Mr. Poole led various digital efforts across Capital One including a rebuild of the rewards website experience, programs to increase customer engagement in digital channels, and the creation of new features to improve the digital customer experience. Prior to Capital One, he worked as a software engineer for Accenture, with projects spanning a diverse set of industries including telecommunications and hospitality.

Kim Summerrow
Senior Vice President
Core Retail Innovation

Bank of America

 Kim Summerrow leads the Core Retail Innovation team at Bank of America.  She is responsible for bringing innovative ideas to life for all retail products leveraging all channels with expertise in debit and credit card products.  Ms. Summerrow’s team is responsible for many innovative capabilities that enable customers to bank when they want, where they want including Remote Deposit Online, Mobile Remote Deposit, Better Balance Rewards Card and Financial Management initiatives.


Bonnie Wasgatt
Vice President
Jackson National Life Insurance Company

 Bonnie Wasgatt is a Vice President of Jackson National Life Insurance Company (Jackson), the U.S. subsidiary of London-based Prudential plc. Ms. Wasgatt is responsible for developing a strategic roadmap for technology efficiencies and improving business processes through technology advancement. Ms. Wasgatt joined Jackson in October 2012 after serving as president of DST Insurance Solutions. Prior to DST, she spent seven years as a Senior Vice President of Swiss Re’s Global Admin Re team, integrating acquired life and annuity companies and lines of business. Prior to Swiss Re, Ms. Wasgatt served as Executive Vice President of the Computer Science Corporation outsourcing arm. Through these roles, she has gained extensive knowledge about insurance IT, operational efficiency and business conversion and transformation best practices.

Craig Weber

  Craig Weber is the Chief Executive Officer and is responsible for Celent’s global insurance practice and is based in Helotes Texas.  In this position, he leads a team of associates spread across North America, Europe, and Asia.  Mr. Weber has been a management consultant and analyst for over 22 years, with the majority of his experience coming from various positions within the insurance industry. He has advised dozens of insurers and vendors on IT and business strategies. Mr. Weber is frequently featured as a speaker at industry events, addressing diverse topics such as core systems modernization, innovation, and creative disruption. Mr. Weber’s comments on insurance and technology topics have appeared in USA Today, The Chicago Tribune, AP Newswire, Best’s Review, Business Insurance, and Technology Decisions, and he recently appeared on CNBC’s On the Money. He has written numerous columns for publications such as Insurance Networking & Data Management and Insurance & Technology. 
Mike Young
Vice President
Banking Product
Team Manager


 Mike Young has spent the past two decades in the financial services industry and during that time, spent over 15 years in product management. He first entered product management while working for Merrill Lynch where he served as the mortgage product manager for over eight years. The past seven years Mr. Young has been at EverBank where he currently serves as the team leader of the banking product management group which includes retail and business banking products and online and mobile banking services.  



View past and current winners of the Model Insurer Awards.


View past and current winners of the Model Bank Awards.


 room bank trophies plaque


How do you define innovation? The Challenge: Unleash your inner Hemingway!

Ernest Hemingway once wrote a complete short story consisting of 6 words ("For sale: Baby shoes, never worn.").  Our challenge to you was to define Innovation using only 6 words.  We received almost 150 entries from all over the world.

Congratulations to our winners!

The winning entries:

1. First place: Human generated evolution.
    (Chirag Pancholi, Founder and CEO, Wisemuv, Inc.)

2. Second place: Creating tomorrow's today.
    (Dan Spaventa, Practice Director, Capital Markets, NIIT Technologies)

3. Third place: No where. Now here.
    (Stacy Gorkoff, Director of Marketing, INETCO)

4. Fourth place: Bringing dreams into reality before others.
    (Edward Taylor, Global Head of PR, Misys)

5. Fifth place: Transforming lateral thinking into practical reality.
    (Neil Mockett, Charterhouse-Group)

View the complete list of entries.

Discussion Group

To take part in the ongoing discussion, join our LinkedIn discussion group (Innovation is...) devoted to the topic. 

The Fine Print

1. (Legitimate) hyphenated words counted as one word.
2. You could use a maximum of six words. You could have used fewer, but under no circumstances could you use less than one.
3. Creative use of spaces within made-up words was allowed at the discretion of the judges.
4. The use of pictures was not permitted (after all, a picture is worth a thousand words).
5. Some settling of contents may have occurred during shipping and handling.

Sign in to download reports and access personalized information