Celent Insurance Newsletter, May 2011

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24 May 2011
New York, NY, USA

From the Senior Vice President

Watching various economic indicators has become a New Normal pastime. Did you know that housing starts in the Topeka metro area are up 7.4%?! The national unemployment rate dipped below 9.5% for the first time in 24 months! Used car sales outnumber new car sales in 45 states! Use of exclamation points by journalists has increased 300% over the past 15 years! It all seems a bit silly.

In insurance, we can tell a lot about the mood of our industry by the way it feels. Every conversation, conference session, and new RFI we see contains vital clues about where we're headed. And by those indicators, things are heating up nicely.

Of course, research firms contribute to the data overload, though hopefully in a good way. New editions of our Software Deal Trends and BPO Market Study reports were just published. Our policy admin report series is in full production mode, with final versions expected this summer. A new version of our data mastery report is under way. We've also got more coverage around the legacy system business case in the works.

We'll be talking about these and other reports at the two major spring shows-ACORD LOMA this week and IASA at the beginning of June. If we sound a bit breathless, it's not because we're auditioning for a cable news slot. We're just scrambling to keep up with the fascinating and challenging work that's going on. It's a great time to be living and breathing insurance technology.

Craig Weber
Senior Vice President

Event Highlights

2011 ACORD LOMA Insurance Systems Forum

If you are attending ACORD LOMA in San Diego next week, you will have the opportunity to meet with our team of industry experts. Celent will be exhibiting at booth 609. Celent analysts will be presenting at the following sessions:

  • Monday, May 23 from 1:30 p.m. - 2:45 p.m.: "The Analyst Point of View: Innovate of Die?" (Craig Weber)
  • Tuesday, May 24 from 9:45 a.m. - 10:45 a.m.: "Analyzing Social Network Data for Underwriting and Claims Handling" (Craig Beattie and Michael Fitzgerald)
  • Tuesday, May 24 from 11:00 a.m. - 12:00 p.m.: "Can Mobile Technology Fundamentally Change the North American Insurance Market?" (Craig Beattie)

IASA 2010 Educational Conference and Business Show

If you are attending IASA in Nashville this June, please stop by and visit us at booth 122. Celent will be participating in the Consulting & Analyst Services Vendor Connect Tour on Monday, June 6 from 11:00 a.m. - 12:00 p.m. Celent will also be speaking at the following sessions:

  • Tuesday, June 7 from 9:45 a.m. - 10:45 a.m.: Session 375: "Going Green in Insurance Technology: Is It Worth the Risk?" (Donald Light)
  • Tuesday, June 7 from 11:00 a.m. - 12:00 p.m.: Session 472: "Differentiate Your Company Through Production Definition Modeling" (Michael Fitzgerald)
  • Tuesday, June 7 from 1:30 p.m. - 3:00 p.m.: Session 573: "Must-Haves for a Modern Billing Solution" (Michael Fitzgerald)
  • Tuesday, June 7 from 1:30 p.m. - 3:00 p.m.: Session 574: "Mobile Channels: Case Studies in the Use of Mobile Technologies" (Craig Weber)
  • Tuesday, June 7 from 3:30 p.m. - 5:00 p.m.: Session 677: "Modernizing Claims Management Processes & Systems" (Donald Light)
  • Wednesday, June 8 from 9:45 a.m. - 11:15 a.m.: Session 771: "IT Town Hall" (Donald Light)

Chart of the Month

From Celent’s report: So What If There Is An App? A Survey of Insurance Consumers

Celent Published Reports

North American Insurance BPO Market Study

Research in Progress

  • Leveraging the Power of Google, Amazon, Facebook and Yahoo: A Guide for Insurers
  • Data Mastery Service Solutions Spectrum
  • European Insurance BPO: View 2011, Property/Casualty
  • Policy Administration Systems Vendor View 2011: Commercial and Personal Lines Property/Casualty, US

Events

ACORD LOMA Insurance Systems Forum
Senior Analysts
Insurance Group
Booth #609
San Diego, CA
May 22-24, 2011

IASA 2011 Educational Conference & Business Show
Senior Analysts
Insurance Group
Booth #122
Nashville, TN
June 5-8, 2011

Celent Insurance Webinar: Tomorrow's Leading European General Insurer: Four Elements for a Winning Strategy
Nicolas Michellod
Insurance Group
June 22, 2011

News

Celent Launches New Website

Celent Adopts ACORD Framework for BPO Research and Donates Extensions

Participate in Celent Research

A report on the business case for legacy modernization is underway. A Celent quick survey, open to all types of respondents, can be found here.

Celent is now accepting nominations for Model Insurer 2012. For more information or to nominate your insurer click here.