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  5. Celent honors twenty-four Model Insurers for 2012 - Will your insurance company be next in 2013?

Celent honors twenty-four Model Insurers for 2012 - Will your insurance company be next in 2013?

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31 January 2012
Karen Monks

Celent announced the winners of its sixth annual Celent Model Insurer awards on Thursday, January 26, 2012 in Boston, MA. http://www.celent.com/reports/event-presentations-celent-2012-insurance-innovation-insight-day-featuring-celents-model. On hand were nearly 150 insurers and technology vendors. Celent Model Insurer Award nominations are open to insurers across the globe and recognize insurers who have successfully demonstrated key best practices in the use of technology within the product and policyholder life cycle and in IT infrastructure and management that a “model insurer” would use.Each award winner’s technology initiative is presented as a Model Insurer Component – components of a theoretical model insurer’s IT systems and practices.

Representing insurance technology “best of the best”, the 2012 Celent Model Insurer Awards honored projects in eleven categories.There were common themes in the award winning projects: an emphasis on innovation and emerging technologies like mobile, telematics, and geospatial risk management tools; a continuation of insurers using SOA/Web Services and ACORD standards as insurers build lasting, integrated solutions; and the increased digitalization of processes as insurers go green and automate process flows.

This year Celent received well over 80 submissions each representing a different technology initiative.Twenty-three Model Insurer Components and one Model Insurer of the Year were named.Nationwide Insurance won Celent’s Model Insurer of the Year recognition for their successful Catalyst Program, a five year consolidation of two $1 billion commercial property & casualty companies. Nationwide’s Catalyst program was successful because of several key best practices including: a strong IT/business alignment; the use of a multi-phase roadmap with “builds” in flight simultaneously; the successful adaptation of the IT department from being a maintenance organization to a systems deployment factory; and the use of effective change management throughout the organizations ensure business readiness.

For more information on the Celent’s 2012 Model Insurer Awards please visit http://www.celent.com/reports/model-insurer-2012-case-studies-effective-technology-use-insurance. Our media partner, Insurance Networking News, has posted a slideshow of the event on their website at http://www.insurancenetworking.com/gallery/celent-innovation-insight-day-recap-29868-1.html.

Nominations for Celent Model Insurer Awards are accepted year-round. We will accept nominations for 2013 beginning February 2, 2012. The deadline for nominations is November 1, 2012. Will your recently implemented project be recognized as a Model Insurer in 2013? Submit and find out!

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