The fourth annual Celent Model Insurer Awards will be held tomorrow, January 28th, in New York City. We would like to thank all of the participants in this year’s process. It was extremely competitive, with a 70% increase in nominations over last year and only a 40% increase in awards. We invite carriers and vendors to nominate projects for the 2011 cycle. The call for nominations will be issued at the end of the 3rd quarter.
For 2010, we are pleased to recognize 28 companies for their outstanding efforts in realizing significant business value by applying technology to the insurance process. Many of the submissions this year dealt with growth initiatives. For example, the rationalization of automation across distribution channels was a common theme. We also observed a greater use of industry standards (ACORD, DTCC) to tie together partners in new, effective ways.
Celent is also proud to recognize Missouri Employers Mutual as the Model Insurer of the Year. Not only was their claims system replacement project brought in on time and on budget, but the initiative introduced multiple new capabilities to their IT and business organizations.
Details on the MEM implementation and on all of the Model Insurer designees are available on the Celent website at http://www.celent.com/124_2741.htm.