CELENT MODEL INSURER ASIA 2017: AWARD CATEGORIES AND NOMINATION STATUS, PART 3

This post is an outline of CELENT MODEL INSURER ASIA 2017. Part 3 explains 2017 nomination status, following Part 2. The trends and features of the projects in this year’s entries are summed up on a category by category basis in this part.

Legacy and Ecosystem Transformation

The benefits of modernizing core legacy systems are clear and compelling

• Gaining a competitive advantage — or achieving competitive parity.
• Reducing operational and IT costs.
• Making better underwriting and claims decisions.
• Seizing analytic advantages when information and processes become completely digital.

However, modernizing core legacy systems is easier to think about than to do. Modernization projects are costly: both in terms of cash out-the-door and in terms of staff resources (full-time or part-time assignments to design and implementation teams, backfilling those vacated positions). Technical complexity is usually high due to substantial amounts of IP (intellectual property) embedded in the rules, product definitions, and processes; as well as long established integration protocols (often point to point) with other internal operating and back-office systems.

This category has also reached its highest number of entries. In Asia, a large number of legacy modernization projects are being implemented. Even though they differ according to the company, what is common among them is use of cloud computing. They apply it to a common system platform throughout the company in order to standardize their system. Three representative projects are introduced below.

2017 Model Insurer Asia Candidate Projects: Legacy and Ecosystem Transformation

Operational Excellence

Implementing new projects and technologies delivers demonstrable results. However, insurers also can generate significant financial improvements by improving the way they do business and the way they operate within the organization.

Sometimes operational improvements are generated by modifying the internal processes to be more efficient. Sometimes simply increasing collaboration and relationships between business and IT can result in operational improvements. While there are technology systems (project management tools, asset management tracking applications, etc.) that are helpful in this area, the most critical elements to success are best practices, organizational structures, and corporate culture.

All Model Insurer projects have some element of organizational excellence embedded within them; otherwise they would likely not have succeeded. Winners of the Model Insurer Asia in this category are insurers that have demonstrated excellence in a project specifically targeted at building a lasting foundation for IT management and operational excellence.

Asian insurance companies are trying to achieve a more modernized operational model and enterprise integration through the modernization of legacy systems. For insurance companies to develop and sell new products or services, the ability to make use of modern technology and establish excellent operational models is essential. Three examples that have achieved this are introduced below.

2017 Model Insurer Asia Candidate Projects: Operational Excellence

--- This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

To be continued – Click here