Celent Model Insurer 2017: Case Studies in Operational Excellence
Celent Model Insurer 2017: Case Studies In Operational Excellence
What does it take to safeguard investments in technology and improve upon IT processes? This report recognizes projects such as successful reuse of technology for new initiatives; implementation of a nocore system, such as illustration, CCM, electronic applications, best practices in IT governance, IT operational management or IT program management and security policies.
Operational excellence case studies of Aflac, Saxon, and MassMutual are featured. Success breeds success. Each of the case studies provides benchmarks, metrics, risks and mitigations, and showcases best practices. This report provides examples that illustrate how to effectively use technology and will inspire insurers who want to improve their own technology strategies.
Aflac was in need of modernization and is still likely to undergo more change as the industry continues to capitalize on social, mobile, and wearables. In response to this reality, the Aflac IT Division implemented an agile transformation to their projects and processes to meet the changing needs of its customers.
Saxon serves the Cayman island community, which has of approximately 50,000 inhabitants. With a limited pool to hire from or sell product to, in order to remain viable in the insurance market, they needed to employ technology to better serve the needs of their customers and grow their business.
MassMutual offers a Data Science Development Program (DSDP) in Amherst, MA, that trains promising, recent graduates to become well-rounded data scientists over a period of three years. The program combines rigorous academic coursework and practical data science projects for MassMutual — a unique and valuable combination.
"The desire to be more cost-effective while providing superior service resonates with all insurers," said Colleen Risk, Senior Analyst in Celent's insurance practice and author of the report. "Coupling this with the continuing low interest rate environment and the need for insurers everywhere to tighten their belts, operational excellence is at the top of every CIO's mind."