Celent Model Insurer 2017: Case Studies in Innovation and Emerging Technologies

Celent Model Insurer 2017: Case Studies in Innovation and Emerging Technologies

Innovation continued to gain traction in 2016. Changing customer expectations, digital transformation, growth needs in the face of resource scarcity, and environmental concerns are impacting every industry, including financial services. These changes accelerate the growth of the sharing economy and the demand for new customer value. These case studies profile insurers leading the way in innovation and emerging technologies.

What can insurers learn from best in class innovation initiatives?

Celent's approach is to evaluate, at a high level, key best practices in the implementation and use of technology that a “Model Insurer” would use. The nominated insurers that display the most successful use of the key best practices within theme categories like digital, data analytics, innovation, and legacy transformation are named Model Insurers.

While this report does not present an exhaustive list of best practices or expected results, Celent has identified several common best practices such as use of industry standards, optimization of infrastructure, positioning for future reuse, automation, STP, and system integration as being integral to the success of an IT project.

These cases are examples of insurance innovation which expands the traditional value proposition to address customer needs beyond financial indemnification.

"The companies recognized in the innovation track as Celent Model Insurers demonstrate outstanding efforts at multiple dimensions of a discrete innovation methodology. While they vary in terms of approach, each delivers initiatives which break restrictive tradeoffs in existing business processes to deliver increased value for their customers," commented Michael Fitzgerald, Senior Analyst in Celent's Insurance practice and author of this report.