Celent Model Insurer 2010: Case Studies of Effective Technology in Insurance

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26 January 2010


Twenty-seven Model Insurer Components are described in this fourth annual edition, and Celent’s Model Insurer of the Year is named.

In a new report, Celent Model Insurer 2010: Case Studies of Effective Technology Use in Insurance, Celent recognizes 27 insurance technology initiatives as “Model Insurer Components.” The report also names Missouri Employers Mutual Insurance the Model Insurer of the Year. These best practices in the use of technology span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.

“One common theme for many of the projects profiled in this year’s report is the emphasis on top-line growth,” says Mike Fitzgerald, senior analyst with Celent’s Insurance group and author of the report. “Insurers are looking to technology to enter new markets, or to address new segments within existing ones.”

Model Insurer Components 2010

  • Allianz Life Insurance Company of North America: Using technology to attract new distribution partners

  • American Modern Insurance Group: Replacing a legacy platform in a budget-neutral manner

  • Atava - RSA Scandinavia: Combining the scale of a traditional company with the flexibility of a startup to build a new proposition

  • AVIVA-COFCO Life Insurance Company, LTD: Realizing internal and external business value through data standards

  • Calliden Group Limited: Consolidating multiple systems to a modern platform which enables growth in a startup operation

  • Capitol Insurance Companies: Bringing work processes in line with the expense structure of a book of business

  • Church Pension Group: Changing a legacy platform to self-service in order to realize a business vision

  • Erie Insurance Group: Tying together all parts of the insurance value chain

  • Erie Insurance Group: Increasing speed to market and decreasing expenses using an external rating engine

  • Esurance: Implementing self-service claims with vendor technology while retaining company-specific branding/look and feel

  • Farmers Insurance: Using data to drive distribution strategy and tactics

  • FBL Financial Group, Inc: Supporting a startup business with necessary automation without incurring all costs of a traditional support structure

  • Harford Mutual: Using multiple technology solutions to increase ease of use for independent agents

  • Hertz Europe: Transforming a business model with technology

  • Highmark: Discovering fraud that cannot be seen

  • Kansas City Life Insurance Company: Using ECM to modernize applications across multiple processes

  • Liberty Mutual Agency Markets: Changing product development from a reactive to a proactive process to support business growth

  • LV=: Using a standard presentation layer across the business to increase online channel revenue from multiple lines of business

  • Missouri Employers Mutual Insurance Company: Transformational change

  • Nationwide Insurance: Using technology to rapidly enter a new market with premium service requirements

  • PMI Group: Using an advanced testing utility to improve system delivery and business results

  • Suncorp: Supporting a segmentation approach to the market

  • The Cincinnati Specialty Underwriters Insurance Company: Leveraging a previous implementation in order to enter a new market quickly

  • The Hartford Financial Services: Bringing order to multiple, aging systems that support a critical, highly regulated process

  • The Phoenix Companies: Consolidating multiple systems into a single front end in order to increase efficiency and improve customer service

  • Tokio Marine & Nichido Fire Insurance Co., Ltd.: Overcoming critical challenges in a complex project

  • Unitrin Direct Auto and Home Insurance: Using business process management to modernize applications across multiple processes

  • Zurich Financial Services: Standardizing process and technology on a regional basis in a manner that allows for local differences

Nominations were accepted throughout 2009, and the Celent insurance team selected the 28 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.

Nominations for the 2011 report will be accepted throughout the year and may be submitted by carriers or their software vendor partners. For more information, please click here.