Model Insurer 2014: Case Studies of Effective Technology Use in Insurance

by Karen Monks, April 4, 2014
Case Studies
Global

Abstract

Sixteen technology initiatives are profiled as case studies in this eighth edition of Celent’s Model Insurer report.  Celent’s Model Insurer of the Year is announced.

In a new report, Model Insurer 2014: Case Studies of Effective Technology Use in Insurance, Celent recognizes 15 insurance technology initiatives profiled as Model Insurer finalists and winners in the theme categories of digital, legacy transformation, implementation best practices, and data analytics. The report also names MetLife 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 and finalists.

“New this year, Celent evaluated insurance technology initiatives according to major themes being seen and researched today,” says Karen Monks, Analyst with Celent’s Insurance Group and author of the report. “Insurers are continually looking to leap-frog their competition by implementing IT projects in the themes of digital, analytics, innovation, and legacy transformation.  Projects are successful when best practices are used and measured.”

Nominations were accepted throughout 2013, and the Celent insurance team selected the finalists and winners based on the business benefits provided. Each Model Insurer finalist and winner is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.

This report contains 15 Model Insurer finalist or winner case studies, one Model Insurer of the Year case study, 17 tables, and 8 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

Analytics

14

Digital

23

Implementation Best Practices

33

IT Management

44

Legacy Transformation

48

Model Insurer of the Year

59

Conclusion

64

Leveraging Celent’s Expertise

65

 

Support for Financial Institutions

65

 

Support for Vendors

65

Related Celent Research

66

Sign in to download reports and access personalized information