Celent Model Insurer 2017: Case Studies in Innovation and Emerging Technologies

by Michael Fitzgerald, April 4, 2017
Case Studies
Global

Abstract

Celent Model Insurer 2017: Case Studies in Innovation and Emerging Technologies

Innovation continued to gain traction in 2016. Changing customer expectations, digital transformation, growth needs in the face of resource scarcity, and environmental concerns are impacting every industry, including financial services. These changes accelerate the growth of the sharing economy and the demand for new customer value. These case studies profile insurers leading the way in innovation and emerging technologies.

What can insurers learn from best in class innovation initiatives?

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, STP, and system integration as being integral to the success of an IT project.

These cases are examples of insurance innovation which expands the traditional value proposition to address customer needs beyond financial indemnification.

"The companies recognized in the innovation track as Celent Model Insurers demonstrate outstanding efforts at multiple dimensions of a discrete innovation methodology. While they vary in terms of approach, each delivers initiatives which break restrictive tradeoffs in existing business processes to deliver increased value for their customers," commented Michael Fitzgerald, Senior Analyst in Celent's Insurance practice and author of this report.

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

Innovation and Emerging Technologies and Its Impact on the Insurance Industry

17

Church Mutual Insurance Company: Church Mutual Sensor Technology Program

18

 

Opportunity

18

 

Solution

19

 

Delivery/Implementation/Project

19

 

Results

19

Markerstudy Insurance: VisionTrack

21

 

Opportunity

21

 

Solution

22

 

Delivery/Implementation/Project

22

 

Results

23

Suramericana de Seguros

24

Conclusion

28

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

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