Model Insurer 2013: Case Studies of Effective Technology Use in Insurance

27 February 2013
Karen Monks

Abstract

Seventeen Model Insurer Components are described in this seventh annual edition, and Celent’s Model Insurer of the Year is named.

In a new report, Celent Model Insurer 2013: Case Studies of Effective Technology Use in Insurance, Celent recognizes 17 insurance technology initiatives as “Model Insurer Components.” The report also names XL Group the Model Insurer of the Year. These best practices in the use of technology span key areas of the product and policyholder lifecycle, including product development, distribution, underwriting, policy administration, IT management, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.

“Insurers continue to stress innovation in their initiatives. However, IT projects that reduce long-term costs, improve back office operations, and provide better customer service are also prevalent in this year’s award winning projects,” says Karen Monks, Analyst with Celent’s Insurance Group and author of the report. “Insurers continue to concentrate on improving operations but are also stepping up their use of emerging technologies.”

Model Insurer Components 2013

  • AAA Northern California, Nevada & Utah Insurance Exchange: Transitioning to a new policy administration system with effective change management.
  • Allstate Financial: Transforming billing through automation and reengineered end-to-end processes.
  • Allstate Financial: Tapping into annuity legacy data to minimize risk.
  • AXA UK: Combining internal and external data to pinpoint risks, manage accumulations, and even respond to a catastrophe.
  • CNA: Setting a new standard for functionality and flexibility in billing with a custom-built agent portal.
  • CNA: Using data analytics to combat fraud.
  • Friends First Life Assurance Company: Automating claims and payment processing for increased efficiency and quality.
  • Genworth Financial: Improving the claims process with real time, web-based filing and management.
  • Great American Insurance Group: Creating a low cost, low impact collaborative innovation group within IT.
  • Hiscox USA: Coopetition: Changing a competitor to a partner to expand distribution.
  • Industrial Alliance Auto and Home Insurance: Optimizing telematics technologies to reduce risks for young drivers.
  • ING U.S.: Scaling role management and access certification to enterprise platforms, directories, and applications.
  • Jewelers Mutual Insurance Company: Redefining how the company services its customers through a complete business and system transformation.
  • L&T General Insurance Company Limited: Moving ahead in the Indian market using a web-based PAS for underwriting.
  • MetLife India Insurance Company Ltd: Creating a new benchmark for bancassurance distribution in less than a year.
  • Mutual Benefit Group: Reusing technology to reinforce regional carrier’s competitive edge.
  • ORANTA Insurance Company: Centralizing back office processes to allow front offices to concentrate on customers.
  • XL Group plc – Model Insurer of the Year: Creating a single web-based platform for managing claims globally.

Nominations were accepted throughout 2012, and the Celent insurance team selected the winning initiatives based on the business benefits provided. Each Model Insurer Component is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.

This 52-page report contains 17 Model Insurer Component mini case studies, one Model Insurer of the Year case study, two tables, and three figures.

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