Celent Model Insurer Awards
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 12th anniversary in 2018.
The nominations window for Model Insurer Awards 2018 is now closed. Winners will be notified in late January – early February and announced publicly in the Spring 2018.
For 2018, we will be again accepting nominations in five categories: Data, Analytics and AI, Digital and Omnichannel Technologies, Innovation and Emerging Technologies, Legacy and Ecosystem Transformation, and Operational Excellence.
One change that is happening this year is that we are merging the Model Insurer Awards and the Model Insurer Asia Awards into one program. Firms in the Asia-Pacific region who wish to participate in the Model Insurer Awards no longer need to fill out a separate nomination form. They can use the general nomination form.
- Data, Analytics and AI
Data has become a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. New 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:
- Predictive analytics (claims fraud, underwriting, pricing, climate analysis)
- Prescriptive analytics (triage, sales automation, “next best action”)
- Virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis)
- Innovative functionality enhancements for consumer digital platforms (e.g. mobile apps, online).
- Artificial intelligence techniques used to achieve the next level of benefits (in underwriting, claims processing, fraud identification, propensity modelling)
- Digital and Omnichannel 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:
- Online customer portals
- The industrialization of processes
- Development of engaging user interfaces
- Online sales with STP
- Integration with business partners
- The leveraging of social networks
- The use of mobile technology.
- Innovation and Emerging Technologies
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 recognizes projects such as:
- The expansion into previously untapped markets due to technology
- The use of technologies not previously used in the insurance industry
- The development of an innovation culture within an IT organization.
This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem. Process automation (e.g. BPM, STP, RPA, document imaging, etc.).
- 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:
- Policy administration
- Document management
- Customer relationship management
- New business
- Operational Excellence
What does it take to safeguard investments in technology and improve upon IT processes? This theme recognizes projects such as:
- The successful reuse of technology for new initiatives
- Implementation of a non-core system such as illustrations
- Document automation
- Electronic applications
- Best practices in IT governance
- IT operational management
- IT risk management
Security policies. Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.