Celent Model Insurer is the premier award available in the insurance industry globally. Celent awards this honor to insurers, reinsurers and MGAs who demonstrate extraordinary results for best practices in technology usage across a variety of areas critical to success in insurance. It is an annual program, celebrating its 17th anniversary in 2023.
For 2023, we will be accepting nominations in five categories: Data, Analytics and AI, Digital and Emerging Technologies, Innovation Execution, Customer Experience Transformation, and Legacy and Ecosystem Transformation.
The nomination window for our 2023 program is now closed. Submissions for our 2024 program will open June 28, 2023 and close October 13, 2023.
Data, Analytics and AI
Data is now a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. External data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as:
Digital and Emerging Technologies
Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Emerging technologies are those whose development, practical applications, or both are still largely unrealized and that are often perceived as capable of changing the status quo. Often, emerging technologies are the basis for achieving groundbreaking digital transformations. This theme recognizes projects such as:
Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme focuses on how insurers implement innovation and recognizes projects such as:
Customer Experience Transformation
Transforming the customer experience is increasingly important to insurers who are looking to differentiate themselves and drive sustainable growth. This category looks at the work insurers are doing to improve the experience for prospects, policyholders, distributors, vendors and other constituents. This theme recognizes initiatives such as:
Legacy and Ecosystem Transformation
Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation that leverages new technology and methods (i.e. cloud, APIs, Agile, DevOps). This theme includes all aspects of the application architecture such as: