Celent Model Insurer Awards for 2023 Announced
Today, Celent honors 14 insurance companies with Model Insurer awards for 2023. 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 specific innovation initiatives.
This program was launched 17 years ago to recognize the effective use of technology in different areas critical to success in insurance. This year, we reviewed over 100 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 between one and four initiatives that rose above the rest. Across the five categories, 13 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 Max Life Insurance Ltd for its initiative called Embedding Intelligence Across the Life Insurance Value Chain. Please join me in congratulating Max Life.
We also extend congratulations to the 13 winners of Model Insurer awards across our five categories.
In the Customer Experience Transformation category, the Model Insurer award winners are:
- AIA Thailand: Customer Acquisition Through the Digital Ecosystem
- FNB Life: Touchless Funeral Claims Brought to Life
- Flow Insurance: Complete Digital Flood Marketplace
- NIB Group: The Always-On Voicebot
In the Data, Analytics and AI category,
- AIA: AI-Enabled Claims and Underwriting Transformation
- Cathay Life: Cathay Eye, Risk Segmentation Pricing Model
In the Digital and Emerging Technologies category,
- Amerisure Insurance: Launching a New Surety LoB in Under Six Months
- Joyn Insurance: Spark
- N2G Worldwide Insurance Services: Unlocking Productivity and Insights in Commercial P&C
In the Legacy and Ecosystem Transformation category,
- AIA China: Driving Growth
- Aviva: Enterprise Data and Analytics Modernization
- ICW Group: Digital Foundation Through Data Modernization
Finally, in the category of Innovation Execution, our sole Model Insurer award goes to:
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 2023, 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. Nominations will be accepted from June 28 through October 13, 2023.
