Celent Insurance Newsletter, March 2014

17 March 2014

New York, NY, USA

From the Senior Vice President

It’s award season at Celent. Last week we unveiled the Model Insurer Asia Award winners in Singapore, and next month, at our Innovation & Insight Day in New York on 3 April, we will announce our global Model Insurer winners.

We feel privileged to be able to view all of the great submissions that come in from across the world. This year, across both sets of awards, we received just under 100 entries from approximately 20 countries: a pretty impressive result given their origins back in 2007, with about 30 entries, mainly from North America and predominately focused on core system replacement.

To reflect the opportunities and challenges faced by insurers today, we have restructured the global awards this year into the following categories: (1) Digital Model Insurer; (2) Analytics Model Insurer; (3) Legacy Modernization; (4) Best Implementation Practices; (5) Best IT Management; and (6) the overall Model Insurer. The insights gained and trends observed continue to prove extremely valuable, and we look forward to sharing them with you at the event and in our annual Model Insurer report, due to be published later this month.

Upcoming research features trends across the globe, including IT spending, regional CIO surveys, and deal trends. Aligned to this topic, last month we released the first of our biennial reports on deal trends in core policy administration systems for life across North America. Following a period of depressed activity, the last two years have seen a cautious return to growth in software sales. Life companies are looking to both reduce cost and gain agility across North America. The outlook continues to look positive for the next two years, subject to no major economic shocks.

We hope to see you in New York next month!

Jamie Macgregor
Senior Vice President, Insurance

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