Model Insurer Asia 2011: Case Studies of Effective Technology Use in Insurance

Abstract

Eighteen Model Insurer Components are described in this inaugural edition of the report to cover Asia-Pacific.

Insurance in the Asia-Pacific region faces its own set of business challenges, and insurance technology has evolved along a distinctive path. In a new report, Model Insurer Asia 2011: Case Studies of Effective Technology Use in Insurance, Celent recognizes 18 insurance technology initiatives as “Model Insurer Components.” These best practices in the use of technology span key areas of the product and policyholder lifecycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.

In this report, Celent offers some key best practices in the use of technology across various areas of the industry—whether in components of the product and policyholder lifecycle or general areas such as IT infrastructure and management—that a “model insurer” would use. These areas are illustrated by case studies of specific initiatives and capabilities, selected from the many submissions and presented in this report as “Model Insurer Components.”

“Effective use of technology is more important than pursuit of technology for its own sake,” says Wenli Yuan, Senior Analyst with Celent’s Asian Financial Services Group and author of the report. “This is the common thread among every selected Model Insurer component, and the decision each insurer should be proud of.”

“This year marks the first time Celent has applied our globally recognized Model Insurer methodology to honor technology initiatives in Asia,” adds Neil Katkov, PhD, Senior Vice President, Asia for Celent. “We received a broad range of submissions, so we are confident the winning initiatives represent the state-of-the-art in insurance technology in the region.”

Nominations for Model Insurer Components were accepted beginning in June 2010, and the Celent insurance team selected the 18 winning initiatives based on the business benefits provided. Each Model Insurer Component is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254

Europe (Stockholm)
Nick Bockh
nbockh@celent.com
Tel.: +46.8.650.4401

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3500.3023