Celent Model Insurer Asia Awards
Celent's Model Insurer Asia Awards Program recognizes the year’s top technology initiatives. Past winners include Max Bupa Health Insurance, Ageas Insurance Company (Asia), AXA Asia, Birla Sun Life Insurance, Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance, Cathay Century Insurance, and Ping An Direct to name a few.
Does your company have what it takes?
Celent's Model Insurer Asia research is designed to try to answer an apparently simple question:
What would it look like for an insurer to do everything right with today's technology?
Of course, there is no such thing as a Model Insurer Asia across the board. Therefore, we focus on specific real world examples of individual technology initiatives. These case studies are presented at our annual Award Ceremony and represent key themes:
An important note is that a Model Insurer Asia Award is recognition of an insurer’s effective use of technology in a certain area or theme, not necessarily a statement that the insurer is absolutely best in class (although some may be). Model Insurer Asia success highlights the insurer’s ability to improve performance and meet market demands when tackling issues that face all insurers today.
Nominations for this year's Model Insurer Asia Awards are closed. Winners will be announced in Spring 2017.
Celent Asian Insurance Team
Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates complex tasks, allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes; engaging user interfaces; online sales with STP; integration with business partners; leveraging social networks; and the use of mobile technology.
Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, document management, customer relationship management, new business, illustrations, billing, claims, and rating/underwriting.
Innovation and Emerging Technologies
Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization. This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem.
What does it take to safeguard investments in technology and improve upon IT processes? This theme recognizes projects such as successful reuse of technology for new initiatives; implementation of a non-core system such as illustrations, document automation, electronic applications, best practices in IT governance, IT operational management or IT risk management and security policies. Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.
Data has become a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis); prescriptive analytics (triage, sales automation, “next best action”); and virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis).