Celent Model Insurer 2017: Case Studies in Digital and Omnichannel

by Donald Light, April 4, 2017
Case Studies
Global

Abstract

Celent Model Insurer 2017: Case Studies in Digital and OmniChannel

This report recognizes three outstanding implementations of digital strategies by life insurers — which resulted in reduced costs, faster cycle times, and better customer experiences.

Life insurers dominate the 2017 Celent Digital and Omnichannel Model Insurer awards.

Celent’s approach is to evaluate, at a high level, key best practices in the implementation and use of technology that a “Model Insurer” would use. The nominated insurers that display the most successful use of the key best practices within theme categories like digital, data analytics, innovation, and legacy transformation are named Model Insurers.

While this report does not present an exhaustive list of best practices or expected results, Celent has identified several common best practices such as use of industry standards, optimization of infrastructure, positioning for future reuse, automation, straight-through processing, and system integration as being integral to the success of an IT project.

Don't accept the traditional ways of putting business on the books — look for digital means to innovate.

"Perhaps it is not a coincidence that all three 2017 Model Insurer winners in this category are life insurers," commented Celent Director Donald Light, author of the report. "In the past, it could be argued that life insurers, as a group, have been less aggressive in seeing the impact of digital technologies on their business," Light continued.

Light concluded, "The three profiles presented in this report show that any gap, that has existed, is rapidly dissipating."

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

Digital and Omnichannel and Its Impact on the Insurance Industry

17

 

Overview

17

CUNA Mutual Group: TruStage, Selling Simplified Issue Term Life Online

19

Lincoln Financial: Digitally Underwritten Term Life

22

New York Life: The Client and TPA Portal

24

Conclusion

26

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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