Innovation: The term innovation derives from the Latin word innovatus, which is the noun form of innovare "to renew or change" . Innovation generally refers to the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets and society. Innovation differs from invention or renovation because innovation generally signifies a substantial positive change compared to incremental changes.
Is that possible in Insurance technology? Celent thinks it is and that is why every year we recognize insurers who have effectively used new technology in areas such as policy administration, claims, distribution, or underwriting (to name a few) in an innovative and successful way. Innovation in insurance may not be as world changing as the cotton gin, the microprocessor, or the iPad, but if a technology change has a substantial and measurable change on a company's revenues, expenses, processes or people, then it is innovation and we want to know about it.
Therefore, again this year, Celent is gathering leading real world examples of the effective usage of technology in an insurance company. These case studies are presented as “Model Insurer Components” — components of a theoretical model insurer’s IT systems and practices. These components help insurers improve performance and meet market demands. In general, they represent the way things should be done. To nominate an initiative at your company as a model insurer component, please use the following link to the submission form. Please note that vendors are welcome to assist their client insurers with their nominations. However, all nominations must include insurer contact information, and all follow-up will be done primarily with the insurer, not the vendor.https://oliverwymangroup.wufoo.com/forms/celent-model-insurer-2012-selfnomination-form/
We hope to hear from you soon! Award winners will be announced at Celent's Insurance Innovation & Insight Day in Boston in January 26, 2012.
