CELENT MODEL INSURER ASIA 2017: WHAT WE CAN LEARN FROM THE INITIATIVES

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21 May 2017
Eiichiro Yanagawa

This post is an outline of CELENT MODEL INSURER ASIA 2017. Part 4 sums up this year’s entries in terms of 2017 nomination status and offers valuable insights, which we hope will be utilized effectively.

Conclusion

What can other insurers learn from the Model Insurer Asia initiatives?

Key learnings from the Model Insurer Asia case studies include:

  • Digitalization requires insurers to challenge each manual process and each check and balance to see if they are truly required, and if so, how they might be digitized.
  • Predictive analytics combined with infrastructures allowing insurers to exploit massive amount of data coming from various sources will be key investments insurers will pursue going forward.
  • The benefits of modernizing legacy systems are clear, but the process is neither easy nor often successful. Different methods may be used to achieve success, but all include strong oversight and clear direction. The most critical elements to any project’s success are best practices, organizational structures, and corporate culture.

Celent intends that by aggregating examples of best practices and achieved success metrics from across the industry, we can illustrate the degree to which insurers are making effective use of technology today and provide inspiration to insurers contemplating how to improve their own technology strategies.

Readers should take two key messages from the next report bellow. First, no one insurer does everything right. Rather, most insurers do some things right. Second, effective use of technology is more important than pursuing technology for the sake of technology. These are common among Model Insurer Asia 2017 winners.

--- This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

--- New release:

CELENT MODEL INSURER ASIA 2017: CASE STUDIES OF EFFECTIVE TECHNOLOGY USE IN INSURANCE

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