Technology & the Evolution of Insurance Distribution

by Craig Weber, January 14, 2003

Abstract

Boston, MA, USA January 14, 2003

Carriers can lower IT costs and improve distribution channel service levels by accelerating XML-related strategies.

Carriers have made enormous investments over the past few years in technology for distribution channels. But by accelerating the implementation of new tools that rely on the emerging ACORD XML standards, most carriers could deliver even better service at lower costs, according to Celent's latest report, .

"The challenge for carriers has been supporting a variety of channels, and letting the channels decide how they want to receive service,"

says analyst Craig Weber, author of the report. "Now, with XML, carriers have a way to deliver data to third-party systems for their independent agents. They will also benefit from reduced costs if they use the same approach when moving data into their agent extranets for captive agents."

The report summarizes distribution trends and discusses the perspectives of the carriers and distribution channels on the new technology. It also defines a technology model that will help carriers maximize the value of their investment in XML by creating interactions between core systems and distribution systems such as agent extranets and agency management systems.

A is available online.

of Celent Communications' Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left.

        

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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].

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Table of Contents

 

Boston, MA, USA January 14, 2003

Technology & the Evolution  of Insurance Distribution

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 4
KEY TRENDS 6
  Channel Support Functions 7
  Different Views of the World 8
  The Independent Distributor's Perspective 9
  The Carrier's Perspective 11
  Giving Channels What They Want 12
EVOLVING TECHNOLOGY 14
  At Long Last, Standards 15
  Taking it to the Next Level 20
FINAL THOUGHTS 24

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