Celent Model Insurer 2011: Case Studies of Effective Technology Use in Insurance

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10 February 2011


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

In a new report, Celent Model Insurer 2011: Case Studies of Effective Technology Use in Insurance, Celent recognizes 25 insurance technology initiatives as “Model Insurer Components.” The report also names Farmers Insurance the Model Insurer of the Year. These best practices in the use of technology span key areas of the product and policyholder lifecycle, 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 2011

• Allianz Life Insurance Company of North America: Improving automation servicing the distribution channel.

• Allied Insurance: Delivering real time processing to independent agents.

• Allstate Financial Services: Improving operational efficiency and risk management through modern document management.

• Allstate Financial Technology: Improving efficiency and risk management through IT architectural standards.

• Aon Benfield: Leveraging technology to open new markets.

• CAA South Central Ontario: Managing a content management replacement project effectively.

• Chartis: Streamlining workflow and improving risk control.

• CNA Insurance: Improving IT and business alignment in the product development process.

• Farmers Insurance: Model Insurer of the Year.

• Harleysville Insurance: Using technology to enhance ease of doing business.

• HDFC Standard Life Insurance Company Ltd: Achieving business vision with business process automation.

• Kinsale Insurance Company: Rapid implementation in support of a start up operation.

• Life Insurance Corporation (International) B.S.C.(C): Bringing consistency and control to a multinational operation.

• Lincoln National Life Insurance Company: Combining automation and sourcing to rationalize the service portfolio.

• Mennonite Mutual Insurance Company: Strengthening agent relationships through an agent portal.

• Mercury Insurance Group: Implementing multiple functional areas using an agile methodology.

• MetLife India Insurance Company Ltd: Supporting business expansion with standard process and flexible technology.

• Mountain West Farm Bureau / Western Computer Services Inc.: Using data analytics to improve claims service and operational efficiency.

• Narragansett Bay Insurance Company: Combining SaaS and aligned business models to speed implementation.

• Nationwide Insurance: Increasing agent productivity through sales reporting automation.

• North Light Specialty Insurance Company: Delivering speed to market for a startup operation.

• Pacific Compensation Insurance Company: Using cloud computing to deliver large-enterprise service and reliability for a midsize company price.

• Reliance Life Insurance Company Limited: Insourcing customer relationship management to support rapid growth.

• SPARTA Insurance Company: Coordinating multiple vendors in order to maximize data integration.

• Tata AIG General Insurance Company Ltd: Decreasing claims expenses through application of mobile technology.

• Travelers: Using automated underwriting to increase straight-through processing.

Nominations were accepted throughout 2010, and the Celent insurance team selected the 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.