This series of posts is an outline of CELENT MODEL INSURER ASIA 2017. Part1 explains award categories.
We received a large number of entries for this competition again this year. We carefully examined these, from the end of the year 2016 to the beginning of 2017, in each of five categories.
The vision for Celent’s Model Insurer research is to try to answer an apparently simple question: What would happen if an insurer utilized today’s technology in the most effective way? Now technology is playing a more important role in every insurer’s strategy than ever before.
CELENT MODEL INSURER AWARDS consists of the following five categories, which embody the vision detailed above. In other words, these five themes are essential for any modern insurance company that wants to successfully carry out best practices.
Data Mastery and Analytics
Data has become a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis); prescriptive analytics (triage, sales automation, “next best action”); and virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis).
Digital and Omnichannel
Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates complex tasks, allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes; engaging user interfaces; online sales with STP; integration with business partners; leveraging social networks; and the use of mobile technology.
Innovation and Emerging Technology
Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization. This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem.
Legacy and Ecosystem Transformation
Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, document management, customer relationship management, new business, illustrations, billing, claims, and rating/underwriting.
What does it take to safeguard investments in technology and improve upon IT processes? This theme recognizes projects such as successful reuse of technology for new initiatives; implementation of a non-core system such as illustrations, document automation, electronic applications, best practices in IT governance, IT operational management or IT risk management and security policies. Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.
--- 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
To be continued – Click here