The research and advisory firm Celent recognizes 17 insurance technology initiatives as model insurer components, in a new report. Celent also names XL Group the Model Insurer of the Year. XL Group was honored for creating a single web-based platform for managing claims globally.
These best practices in the use of technology span key areas of the product and policyholder lifecycle, including product development, distribution, underwriting, policy administration, IT management, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the model insurer components.
Celent explains the vision for model insurer research is to try to answer a simple question: "What would it look like for an insurer to do everything right with today's technology?"
The terms "everything" and "right" mean different things to different insurers depending on their size, the complexity of their operations and product sets, and their technological starting points, but the approach Celent takes is to offer some best practices in the use of technology across the product and policyholder lifecycle and in IT infrastructure and management that a "model insurer" would use.
Celent gathered as many real-world examples of effective usage of technology as possible and then decided on a set that reflected important best practices. These case studies are presented as "Model Insurer Components" of a theoretical model of an insurer's IT systems and practices.
A Model Insurer Component is recognition of an insurer's effective use of technology in a certain area, according to Celent, not necessarily a statement that the insurer is absolutely best in class. Model Insurer Components are those that help insurers improve performance and meet market demands. In general, they represent the way things should be done given the strategy being pursued and the infrastructure in place.
Those companies named Model Insurers by Celent and the best practices featured in the report's case studies are:
- AAA Northern California, Nevada & Utah Insurance Exchange: Transitioning to a new policy administration system with effective change management;
- Allstate Financial: Transforming billing through automation and reengineered end-to-end processes;
- Allstate Financial: Tapping into annuity legacy data to minimize risk;
- AXA UK: Combining internal and external data to pinpoint risks, manage accumulations, and even respond to a catastrophe;
- CNA: Setting a new standard for functionality and flexibility in billing with a custom-built agent portal;
- CNA: Using data analytics to combat fraud;
- Friends First Life Assurance Company: Automating claims and payment processing for increased efficiency and quality;
- Genworth Financial: Improving the claims process with real time, web-based filing and management;
- Great American Insurance Group: Creating a low cost, low impact collaborative innovation group within IT;
- Hiscox USA: Changing a competitor to a partner to expand distribution;
- Industrial Alliance Auto and Home Insurance: Optimizing telematics technologies to reduce risks for young drivers;
- ING U.S.: Scaling role management and access certification to enterprise platforms, directories and applications;
- Jewelers Mutual Insurance Company: Redefining how the company services its customers through a complete business and system transformation;
- L&T General Insurance Company Limited: Moving ahead in the Indian market using a web-based PAS for underwriting;
- MetLife India Insurance Company Ltd: Creating a new benchmark for bancassurance distribution in less than a year;
- Mutual Benefit Group: Reusing technology to reinforce a regional carrier's competitive edge;
- ORANTA Insurance Company: Centralizing back office processes to allow front offices to concentrate on customers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.