Celent Model Insurer is awarded for best practices of technology usage in different areas critical to success in insurance, and is the main award that an insurance carrier can receive from Celent. It is an annual program, celebrating its 15th anniversary in 2021.
We announced our 2020 Model Insurer Winners at Innovation & Insight Day in April 2020.
For 2021, 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.
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. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates complex tasks, allowing them to be mastered, then reproduced and distributed at no cost, 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 including: