Celent Model Insurer 2017: Case Studies in Data Mastery and Analytics

by Craig Beattie, April 4, 2017
Case Studies
Global

Abstract

Celent Model Insurer 2017: Case Studies in Data Mastery and Analytics

The vision for Celent’s Model Insurer research is to try to answer an apparently simple question: “What would it look like for an insurer to do everything right with today’s technology?” Three examples of successful Data Mastery and Analytics projects are detailed to illustrate the challenges of such initiatives.

Data Mastery and Analytics has evolved at great speed and is more relevant than ever to insurers looking for growth and efficiency.

In each case the Model Insurer is using data in an operational setting to impact their processes. They also had an expert partner and leveraged a data product applied to insurance.

Insurers brave enough to invest can create opportunities by leveraging data, new technologies, and their partners to make a real difference in how the business operates.

"Analytics and data is no longer something that happens at the end of a project as an after thought," commented Craig Beattie, Senior Analyst in Celent's Insurance practice. "Leveraging value from data and smarter systems is now the source of benefit and the goal of the projects."

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

 

Key Research Questions

1

Introduction

3

 

Model Insurer Overview

3

 

Model Insurer Themes

3

 

About this Report

6

 

Summary of Model Insurer Award Winning Initiatives

7

Common Best Practices and Results

10

 

IT Best Practices

11

 

Measurable Business Results

14

Data Mastery and Analytics and Its Impact on the Insurance Industry

17

 

Meteo Protect: Using In-Memory Analytics to Enhance Weather-Data Analysis

18

 

StarStone Specialty Insurance Company: Leveraging Unstructured Data to Improve Underwriting

20

 

The Saving Bank Life Insurance Company of Massachusetts: Accelerating Underwriting

22

Conclusion

24

Leveraging Celent’s Expertise

25

 

Support for Financial Institutions

25

 

Support for Vendors

25

Related Celent Research

26

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