Becoming a Celent Model Insurer 2017: A Guide to Celent’s Annual Award Program

by Colleen Risk,  Luis Chipana, September 16, 2016
Global

Abstract

What would it look like for an insurance company to do everything right with today’s technology? The answer depends on many things including size, complexity of operations and products, and technological maturity.

 

Celent’s approach for selecting a Model Insurer award winner is to seek examples of best practices in technology usage in different areas critical to success in insurance. This report provides guidance on how to submit a quality Model Insurer nomination and transparency into what Celent is looking for when judging a nomination. 

This year we are accepting nominations in five categories:

  • Data mastery and analytics.
  • Digital and omnichannel technology.
  • Innovation and emerging technologies.
  • Legacy transformation.
  • Operational excellence.

 Insurers are encouraged to submit their initiatives, which we evaluate on three criteria:

  • Demonstrable business benefits.
  • Degree of innovation.
  • Technology or implementation excellence as seen through the use of best practices.

Being recognized as a Model Insurer has a number of benefits for the insurance company and its executives:

  • Prestige of the award.
  • PR opportunities to promote the award.
  • Further exposure via a Celent case study.
  • Complimentary invitation to attend Innovation and Insight Day, Celent’s flagship annual event.

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 part 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

 

Key Questions

2

What Is Model Insurer, and How Will It Benefit an Insurer?

3

 

Introduction to Celent Model Insurer

3

 

How Will It Benefit an Insurer?

3

Model Insurer 2017: Approach and Key Dates

6

 

Nominations

6

 

Judging

9

 

Results

9

 

Case Studies and Award Presentation

10

What Are Best Practices for Submitting a Winning Nomination?

11

 

Analysis of Winners to Date

11

 

Winning Tips: Key Success Factors

12

 

Celent Values

15

Appendix 1

16

 

Zurich Insurance Company

16

 

Opportunity

16

 

Implementation

18

 

Results

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

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