Celent Model Insurer 2017: Case Studies in Digital and Omnichannel
Celent Model Insurer 2017: Case Studies in Digital and OmniChannel
This report recognizes three outstanding implementations of digital strategies by life insurers — which resulted in reduced costs, faster cycle times, and better customer experiences.
Life insurers dominate the 2017 Celent Digital and Omnichannel Model Insurer awards.
Celent’s approach is to evaluate, at a high level, key best practices in the implementation and use of technology that a “Model Insurer” would use. The nominated insurers that display the most successful use of the key best practices within theme categories like digital, data analytics, innovation, and legacy transformation are named Model Insurers.
While this report does not present an exhaustive list of best practices or expected results, Celent has identified several common best practices such as use of industry standards, optimization of infrastructure, positioning for future reuse, automation, straight-through processing, and system integration as being integral to the success of an IT project.
Don't accept the traditional ways of putting business on the books — look for digital means to innovate.
"Perhaps it is not a coincidence that all three 2017 Model Insurer winners in this category are life insurers," commented Celent Director Donald Light, author of the report. "In the past, it could be argued that life insurers, as a group, have been less aggressive in seeing the impact of digital technologies on their business," Light continued.
Light concluded, "The three profiles presented in this report show that any gap, that has existed, is rapidly dissipating."