Celent Model Insurer 2015: Case Studies of Effective Technology Use in Insurance

by Karen Monks, March 24, 2015
Case Studies
Global

Abstract

Fifteen 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 2015.

In the new report Celent Model Insurer 2015: Case Studies of Effective Technology Use in Insurance, Celent recognizes 14 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 LV= 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 Karen Monks, an 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.”

Nominations were accepted throughout the fall of 2014, and the Celent insurance team selected the winners based on the best practices used and business benefits provided. Each Model Insurer winner is described in a case study within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.

This 76-page report contains 14 Model Insurer winner case studies, one Model Insurer of the Year case study, 16 tables, and 12 figures.

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

Introduction

3

Common Best Practices and Results

7

Summary of Model Insurer Winners

14

Data Mastery and Analytics

15

Digital

26

Innovation and Emerging Technology

38

Legacy and Ecosystem Transformation

47

Operational Excellence

56

Model Insurer of the Year 2015

64

Conclusion

69

Leveraging Celent’s Expertise

70

 

Support for Financial Institutions

70

 

Support for Vendors

70

Related Celent Research

71

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