Celent Model Insurer Awards in New York. the best use of new technologies are getting their due at the 2011 : Analyst firm recognizes Model Insurer Components insurance technology initiatives, as well as names this year’s Model Insurer of the Year winner.Carriers making the best use of new technologies are getting their due at the 2011 Celent Model Insurer Awards in New York.
At the fifth annual event, insurers representing the breadth of the industry were recognized for best practices in 12 different categories—termed Model Insurer Components—across all insurance operations. These best practices span key areas of the product and policyholder lifecycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure.
This year, Celent recognized 25 insurers for their efforts in realizing significant business value by applying technology to the insurance process. According to Celent Senior Analyst Mike Fitzgerald, much like last year, many of this year's submissions dealt with top-line growth initiatives. “Insurers are looking to technology to enter new markets, or to address new segments within existing ones,” he says.
The vision, the firm says, for its Model Insurer research attempts to answer a seemingly simple question: “What would it look like for an insurer to do everything right with today’s technology?” Given the recent economic environment, this question is more applicable today than ever before, as capital-constrained insurers must leverage all available resources to meet market challenges.
Additionally, Celent’s premiere award—Model Insurer of the Year—is bestowed upon the carrier whose IT project “most exemplifies the IT best practices and measurable business results required to be a model insurer.” This year’s winner is Farmers Insurance, which is recognized for its HERO project.
The complete list of carrier winners and a brief description of their projects follows:
• Allianz Life Insurance Company of North America: Improving automation servicing the distribution channel.
• Allied Insurance: Delivering real time processing to independent agents.
• Allstate Financial Services: Improving operational efficiency and risk management through modern document management.
• Allstate Financial Technology: Improving efficiency and risk management through IT architectural standards.
• Aon Benfield: Leveraging technology to open new markets.
• CAA South Central Ontario: Managing a content management replacement project effectively.
• Chartis: Streamlining workflow and improving risk control.
• CNA Insurance: Improving IT and business alignment in the product development process.
• Farmers Insurance: Model Insurer of the Year.
• Harleysville Insurance: Using technology to enhance ease of doing business.
• HDFC Standard Life Insurance Company Ltd: Achieving business vision with business process automation.
• Kinsale Insurance Company: Rapid implementation in support of a start up operation.
• Life Insurance Corporation (International) B.S.C.(C): Bringing consistency and control to a multinational operation.
• Lincoln National Life Insurance Company: Combining automation and sourcing to rationalize the service portfolio.
• Mennonite Mutual Insurance Company: Strengthening agent relationships through an agent portal.
• Mercury Insurance Group: Implementing multiple functional areas using an agile methodology.
• MetLife India Insurance Company Ltd: Supporting business expansion with standard process and flexible technology.
• Mountain West Farm Bureau / Western Computer Services Inc.: Using data analytics to improve claims service and operational efficiency.
• Narragansett Bay Insurance Company: Combining SaaS and aligned business models to speed implementation.
• Nationwide Insurance: Increasing agent productivity through sales reporting automation.
• North Light Specialty Insurance Company: Delivering speed to market for a startup operation.
• Pacific Compensation Insurance Company: Using cloud computing to deliver large-enterprise service and reliability for a midsize company price.
• Reliance Life Insurance Company Limited: Insourcing customer relationship management to support rapid growth.
• SPARTA Insurance Company: Coordinating multiple vendors in order to maximize data integration.
• Tata AIG General Insurance Company Ltd: Decreasing claims expenses through application of mobile technology.
• Travelers: Using automated underwriting to increase straight-through processing.