Model Insurer 2016: Case Studies of Effective Technology Use in Insurance

by Colleen Risk, April 13, 2016
Case Studies
Global

Abstract

Technology initiatives are profiled as case studies in this eighth edition of Celent’s Model Insurer report. Additionally, Celent announces its Model Insurer of the Year for 2016.

 

In the new report Celent Model Insurer 2016: Case Studies of Effective Technology Use in Insurance, Celent recognizes insurance technology initiatives profiled as Model Insurer winners in the following theme categories:

  • Digital
  • Legacy transformation
  • Innovation
  • Operational excellence in IT management
  • Non-core system implementation
  • Data analytics

The report also names Zurich Insurance Company the Model Insurer of the Year. The case studies highlight best practices in the use of technology in insurance in areas such as policy administration, IT management, claims, and distribution. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer winners.

“Celent evaluated insurance technology initiatives according to five major themes being seen and researched today,” says Colleen Risk, a senior analyst with Celent’s Insurance practice and author of the report. “Insurers are investing in technology that meets their digital agendas, expands their use of data, and modernizes their back office. Additionally, Celent sees several insurers embracing innovation and forsaking established practices to pursue new ideas.”

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 subsidiary 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

3

Common Best Practices and Results

7

Summary of Model Insurer Winners

14

Data Mastery and Analytics

15

Digital and Omnichannel

23

Innovation and Emerging Technology

39

Legacy and Ecosystem Transformation

48

Operational Excellence

55

Model Insurer of the Year 2016

59

Conclusion

60

Leveraging Celent’s Expertise

60

 

Support for Financial Institutions

60

 

Support for Vendors

61

Related Celent Research

40

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