Zurich Insurance Company takes home Model Insurer of the Year Award.
Celent announced the winners of its Tenth Model insurer Awards at its annual Innovation & Insight Day conference, held at the Museum of American Finance on April 13. Every year, Celent recognizes the effective use of technology by insurers through their implementation of IT programs that epitomize best practices for technology projects in five categories across multiple business functions.
Fifteen financial institutions were recognized in all, with Zurich Insurance Company taking home top honors as Celent's 2016 Model Insurer of the Year for their work in developing a mobile solution named Zurich Risk Panorama. The app helps market-facing employees navigate through the volume of data, tools and capabilities within Zurich, and enables them to offer customers a succinct overview of how they can make their business more resilient.
In addition to recognition at the conference, Celent also published a report detailing winning submissions in each category, including the Model Insurer of the Year.
Below is a full list of winners by category:
Model Insurer of the Year
Zurich Insurance Company
Data Mastery & Analytics
Asteron Life
Celina Insurance Group
Farm Bureau Financial Services
Innovation & Emerging Technologies
Desjardins General Insurance Group
John Hancock Financial Services
Promutuel Assurance
Digital & Omnichannel
Sagicor Life Inc.
Gore Mutual Insurance Company
Operational Excellence
Markerstudy Group
Guarantee Insurance Company
Pacific Specialty Insurance Company
Legacy Transformation
GuideOne Insurance
Westchester, a Chubb Company
Teachers Life
"The quality of the submissions this year is a clear indicator that our industry is turning a corner when it comes to embracing transformation, digital initiatives, innovation and the value of data analytics," said Jamie Macgregor, Senior Vice President of Celent's Insurance practice. "The winning projects offer practical examples of how insurers can be successful when undertaking projects in these areas."
"This year's Model Insurers are modernizing their core systems and taking advantage of innovative initiatives using digital and data analytics to enhance operations and the customer experience," says Colleen Risk, a senior analyst with Celent's Insurance practice. "It is inspiring to see the positive results the insurers have achieved and a pleasure to recognize them as Model Insurers for their best practices in insurance technology."