Celent Video Case Studies
Celent Model Bank/Model Insurer/Model Insurer Asia Awards
Every year, Celent recognizes excellence in the use of technology through our Model Bank Awards, Model Insurer Awards, and Model Insurer Asia Awards. They are designed to answer this deceptively simple question:
"What would it look like for a company to do everything right with today's technology?"
Model Bank and Model Insurer/Model Insurer Asia components help financial institutions and insurers improve performance and meet market demands. In general, they represent the way things should be done.
Nominations are currently being accepted for the Model Bank Awards. The nomination deadline is November 29, 2013.
AIG Asia Pacific
Honored in Policy Administration for implementing a distribution-focused policy fulfillment platform supporting the SME market segment.
AIG Asia Pacific decided to rationalise their product offering to the SME market segment. They implemented eBaoTech Collaborus, a full policy lifecycle insurance distribution platform, and integrated it with several other systems to allow for electronic distribution of insurance products through multiple channels provide external real time access to policies and portfolios for AIG distribution partners.
Birla Sun Life Insurance
Honored in Analytics for introducing a process performance management framework that improves the end user's experience of delivery.
In April 2011, Birla Sun Life introduced a process performance management framework known as The Noise Dashboard. Spanning multiple internal departments, the Noise Dashboard has allowed the organization to pinpoint, measure and improve problem areas and has helped to enhance 18 key processes across the organization.
(www.transactionservices.citigroup.com, @Citi, @CitiGTS)
Honored in Product Development for their payments analytics initiative.
By allowing for easy access to all global payments data at one convenient location, the Citi Payment Analytics tool provides its multinational clients with unprecedented visibility, accuracy, and control over their payables activities. Payment Analytics is an interactive tool that offers insights and transforms data into actionable intelligence to help clients optimize payables management to increase operational efficiency and reduce processing costs.
Honored for setting a new standard for functionality and flexibility in billing with a custom-built agent portal.
Agency Bill Pay is an online billing system that allows agents to reconcile bills, instantly view payment discrepancies, and submit disputes electronically. Built in house, it addresses agent requests for a streamlined, paperless approach to process and pay
CNA bills online. So far, it has tripled automatically-matched payments, eliminated 10% of manually generated invoices, resulted in a reduction in staff from efficiencies gained through integration, automation of billing, and improved cash management and collections systems.
Honored in Claims for using data analytics to combat fraud.
In 2011 CNA’s Special Investigations Unit began using SAS Fraud Framework for Insurance in four lines of business: workers compensation, general liability, commercial auto, and commercial property. So far they have recovered or prevented payment of fraudulent claims totaling approximately US$2.1 million.
Honored in Claims for improving the claims process with real time, web-based filing and management.
The Claims Evolution project was developed to improve customer experience by simplifying a protracted, complex, and paper-centric process. Genworth’s integrated worldwide policy administration platform, TIA, is an important element to the structure of the solution and Dell Systems was engaged as a partner in the building the claims solution. Fully deployed across eleven countries in 2012 after a twelve month development, Genworth exceeded their goal of a 15% adoption rate in four of the countries within six months.
Great Insurance Insurance Group
Honored in IT Management for creating a low cost, low impact collaborative innovation group within IT.
In January 2012, GAIG opened its Innovation Lab (“iLab”). Six IT employees are taken away from their normal jobs for six weeks and given several broad challenges, the most important of which is to "create something that will benefit the company." The iLab allows IT teams in all disciplines (application and infrastructure) to join forces to support their shared,core value of collaboration. The combined expenditures did not exceed $10,000. For each project, GAIG invested 1% of its IT personnel (6 people from a staff of 600) and by rotating them, GAIG is able to continually fund the iLab initiative.
Honored in Distribution for expanding into a strategically important distribution channel.
In 2010, Hiscox USA began offering real time, online quote and buy for Errors & Omissions, General Liability, and BOP coverage to small businesses. One of Hiscox’s competitors in the small business market was SeaPass and its internal insurance agency BOLT. In 2012 Hiscox changed the relationship from competitors to partners.
Honored for Claims for their Automated Claims Processs for motor insurance.
HNB implemented a claims management system, including a customer relations center
component, and a mobile component, that automates the entire claim process for motor
insurance. The process covers both internal and external parties, significantly reduced the time devoted to the process (10 minutes compared to 3 days) and the number of fruadulent claims has decreased.
Honored for Impact for their Corporate Mobile Deposits initiative.
J.P. Morgan’s Image Deposit Direct (IDD) Mobile enables large corporate clients to make remote check deposits through smartphones, automatically linking them to their desktop-based remote check deposit and other systems, in a client configurable manner. IDD Mobile eliminates the need to have an office employee gather deposits from workers in the field. This saves time, speeds deposits, and increases the security of transactions.
Honored for Marketing and Sales for their NOW Banking Initiative
Serving the underbanked has been a difficult sell for most banks. However Regions Bank viewed it as an opportunity. When clients told the Bank they were going elsewhere for certain services, like check cashing, Regions listened and responded with a complete set of financial tools that serve their needs. Regions’ Now Banking Suite of financial management products and services allows Regions to say "Yes" to existing customers and prospects that currently use alternative financial services at nonbanks.
Honored for its XL GlobalClaim project, a truly global claims system providing the same process and system for all business areas of XL Group Insurance around the world.
Based on Claim Components, Accenture’s claims processing software application, XL GlobalClaim benefited XL Group’s overall business in a variety of ways. Through its simplified business structure and processes, XL will realize cost savings and increased efficiencies for years to come. It is a strategic business tool that allows XL Group to analyze everything they do, which helps the enterprise become and remain more competitive.
Honored for implementing a business transformation solution across four regions which allowed development, sharing, reuse, and support of market components and processes around the world.
Zurich Insurance Company has taken an increasingly global approach to its life insurance business. Zurich and CSC developed and implemented a single solution that has components that can be reused, including 88 standard insurance processes combined with a proposition component framework that allows them to develop, share, reuse and support products and processes around the world.