New York, NY, USA
January 16, 2007Celent
Model Carrier 2007: Case Studies of Effective Technology Usage in
Insurance
Report Published by Celent
Celent’s inaugural “Model Carrier”
report recognizes 39 insurer technology initiatives as “Model Carrier
Components.” Recognized insurers participate in Celent’s first Model
Carrier Summit in NYC on Wednesday, January 17.
The vision for Celent’s Model Carrier
research was to try to answer an apparently simple question: “What would
it look like for an insurance carrier to do everything right with today’s
technology?” Of course, the question is not nearly as simple as it
appears. The terms “everything” and “right” will mean very
different things to different insurance carriers depending on their size,
the complexity of their operations and product sets, and their
technological starting points.
“Our approach was to offer, at a high
level, some key best practices in the use of technology across the product
and policyholder life cycle (product definition, distribution,
underwriting, policy administration, service, billing, claims,
reinsurance) and in IT infrastructure and management that a ‘model
carrier’ would use,” said Matthew
Josefowicz, manager of Celent’s insurance group and lead author of
the report, which was co-authored by the entire Celent insurance team. “Of
course, there is no such thing as a single Model Carrier—every insurer
does some things well, and others not as well when it comes to technology.
So we set out to gather as many real world examples of effective usage of
technology as possible. These case studies are presented as components of
a theoretical model carrier’s insurance IT systems and practices.”
Although brief (averaging 100 to 250
words), nearly all of the 39 model carrier component case studies include
detailed descriptions of business drivers, technology environments, and
quantitative success metrics. Selected initiatives included:
- AAA Missouri: E-Apps and STP
- AIG VALIC: Closed Loop Lead
Management
- Allstate Financial: Grid Computing for
Annuity Valuation
- Allstate Financial: Rules-Based
Automated Underwriting
- American Safety: Comprehensive
Reinsurance Management
- Arbella Insurance Group: Common
Interface Layer for Agent Portal and Agency Management System
Support
- Aviva Canada: Electronic FNOL
- Baltimore
Life: Teleunderwriting
- Chubb: Data Mastery for
Underwriter-Assisted Sales
- Chubb: Underwriting Process Transparency
via BPM
- Columbia Insurance Group: Externalized
Underwriting Rules to Power E-Apps
- Connecticut Healthcare Workers
Compensation Trust: Automated Medical Bill Review
- FCCI Insurance Group: Digital Claims
Files
- Genworth: Document Management Center of
Excellence
- Great American Financial Resources Inc.
(GAFRI): Data Model and Repeatable Integration Methodology
- GUARD Insurance: Agent Portal with
Electronic Applications
- Harvard Pilgrim Health Care: Group
E-Billing
- Hastings Mutual: Comprehensive Claims
Environment
- Helvetia Insurance Group (Switzerland):
Services-Oriented Architecture to Enable E-Business and Reduce
Development Expenses
- Indiana Farm Bureau: Wireless Claims
Adjusters
- Mutual Benefit Group: Online Quoting and
Applications Based on Web Services Architecture
- Mutual of Omaha:
Remote Printing of Proposal Documents
- Mutual of Omaha: Rules-Based
Underwriting Workflow
- New York Life: Common Calculation Engine
- Ohio Casualty: Ultra-Configurable Core
Policy System
- Ohio National. e-Apps
- Ohio National:
Electronic Workflow with Familiar Interface
- Pekin Insurance: Common Calculation
Engine
- Penn National: Mobile Loss Control
Inspectors
- Reliance Standard Life: Policy
Administration Replacement and Process Improvement
- Selective: Professionalized
Project Management
- The Hartford: Data Mastery for
Distribution Management
- The Hartford: Rigorous IT Governance
with Senior Business Executive Oversight
- The Principal Financial Group:
Print-on-Demand Proposals
- Tokio Marine & Nichido (Japan):
Comprehensive Agent Portal
- Unitrin Kemper Auto and Home:
Controlling First Notice of Loss
- Unitrin Kemper Auto and Home:
Rules-Based Underwriting
- West Bend Mutual: Geo-Coding for Reserve
Management.
- West Bend Mutual: Point-of-Sale
Automated Underwriting with Agent Feedback
Celent’s report was published in
preparation for its inaugural Model Carrier Summit, an exclusive event for
insurers that were recognized in the report. Celent plans to make this an
annual report and event and will be gathering cases for the 2008 report
throughout the year. Insurers may nominate themselves for the 2008 event
using an online form.
The report is 52 pages. A table of
contents is available online.
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