Today, Celent honors 18 insurance companies with Model Insurer awards for 2024. Model Insurer is the premier award available in the insurance industry globally. Celent bestows these awards annually to insurers, reinsurers, and MGAs who produce outstanding business results from technology innovation initiatives.

This program was launched 18 years ago to recognize the effective use of technology in different areas critical to success in insurance. This year, we reviewed a wealth of nominations from insurance companies around the world. Nominations were made in five different categories, which are reflective of the innovation areas that are most critical to success in the insurance industry today.

For each category, a team of Celent analysts studied the nominations carefully and selected the initiatives that rose above the rest. Across the five categories, 17 companies were chosen for Model Insurer awards. In addition, Celent recognizes one company each year as Model Insurer of the Year. This award highlights an extraordinary initiative in terms of use of technology, innovation approach, and business results.

This year, Celent’s Model Insurer of the Year is Taiwan Life Insurance for its initiative called TAIWAN LIFE INSURANCE AI PLATFORM FOR CLAIMS. Please join me in congratulating Taiwan Life.

We also extend congratulations to the 17 winners of Model Insurer awards across our five categories.

In the Customer Experience Transformation category, the Model Insurer award winners are:

• FWD GROUP: AI-DRIVEN APPROACH TO PERSONALIZED COVERAGE
• AKAD SEGUROS: EMPOWERING BROKERS WITH GENERATIVE AI

In the Data, Analytics and AI category,

• JOHN HANCOCK: LTC INSURANCE - KNOWLEDGE GRAPH
• INCOME INSURANCE: DATA, ANALYTICS, AND AI ORGANIZATION STRATEGY
• FWD GROUP: FWD BRAIN - ELEVATING INSURANCE WITH INTELLIGENT INSIGHTS
• CATHAY LIFE'S AI EMPOWERED CLAIMS REVOLUTION

In the Digital and Emerging Technologies category,

• PEPPERCORN INSURANCE: LEVERAGING A SPECIALIST INSURANCE CONVERSATIONAL AI PLATFORM
• AIA GROUP: TECHNOLOGY, DIGITAL AND ANALYTICS (TDA) AT AIA
• UNIPOLSAI: EXPANDING BEYOND INSURANCE WITH MOBILITY SERVICES
• AIB LIFE: THE FIRST GREENFIELD RETAIL LIFE ASSURANCE COMPANY BUILT AND LAUNCHED IN IRELAND IN A GENERATION

In the Legacy and Ecosystem Transformation category,

• LWCC: DIGITAL TRANSFORMATION OF UNDERWRITING, DISTRIBUTION, SUBMISSIONS
• MARKERSTUDY INSURANCE SERVICES LIMITED - CLAIMS TRANSFORMATION
• DUAL GROUP: IMPLEMENTATION OF A FLEXIBLE AND MODERN MGA MANAGEMENT PLATFORM
• EASTWEST AGEAS: TRANSFORMATION JOURNEY, WHERE SPEED MEETS BETTER CUSTOMER EXPERIENCE

Finally, in the category of Innovation Execution, awards go to:

• UNUM: PROJECT TRIDENT, A CUSTOMER INTELLIGENCE ENGINE
• PZU: SUCCEEDING AT INNOVATION IN A 220 YEAR OLD INSURER
• TRUSTAGE: ENHANCING LENDING EXPERIENCES WITH EMBEDDED INSURANCE

Congratulations again to all our Celent Model Insurer award winners! Learn more about these initiatives by checking out the video programs for Innovation & Insight Day 2024, available to anyone registered at celent.com. Each winning initiative is described in detail in a case study report available to Celent research clients.

By the way, it’s not too early to begin thinking about next year’s Model Insurer awards. The nomination window will open in November 2024!