Celent honors top insurance industry technology initiatives

There are five distinct technology areas in which today's insurance companies must excel in order to pull ahead in the race to achieve digital transformation, according to Celent. The Boston-based financial services research and advisory firm, which is a member of the Oliver Wyman Group/Marsh & McLennan Companies, outline these areas as part of its Model Insurer Awards. Insurance companies that vie for the annual prize are measured based on the following five essential tech criteria:

• Data, Analytics and AI
• Digital and Omnichannel Technologies
• Innovation and Emerging Technologies
• Legacy and Ecosystem Transformation, and
• Operational Excellence

"The Model Insurer Awards not only recognize innovation and excellence in the use of technology, but also provide insurers with a forum to share best practices and proven business benefits with their peers," Celent Senior Analyst Nicolas Michellod said in a recent press release. "Each year the number of submissions grow, and the competition becomes more difficult." Celent announced the winners of the 2019 Model Insurer Awards on Friday. Nearly 60 insurers of various size from 21 countries submitted more than 90 nominations, according to the Celent announcement. This year, the Model Insurer of the Year 2019 went to AIA Group in recognition of its creation of nimble their Digital Workforce, a service that quickly satisfies customers' needs and contributes to building and improving customer relations. Although AIA took the top prize, several other insurers were recognized for excellence in the five judging categories. Those companies are highlighted in the slideshow above. See also:

• Top insurance technology issues nagging at industry leaders
• Technology's impact on P&C insurance in 2019