This year I was honored to coordinate the 11th Celent Model Insurer program. The journey started in September 2016 when we opened the window to submissions and will not end until April 4 at our Innovation and Insight day at the State Room in Boston, Massachusetts where Celent will award and present the best Information Technologies (IT) initiatives in insurance.
This year we received around 100 nominations from carriers around the world, including those applying for Model Insurer Asia. These nominations are a vast sample of the best IT initiatives in insurance. Particularly for Model Insurer Award, we evaluated 60 cases from countries like:
As part of our methodology, we classify Initiatives within the following themes:
- Digital and Omnichannel
- Legacy and Ecosystem Transformation
- Innovation and Emerging Technologies
- Operational Excellence
- Data Analytics
A Glance at Some Cases
As part of the team that judged the cases, I was amazed by the quality of cases we received and by the methodology that insurers are using to implement their projects. I’d say that this year, Celent has witnessed both technology and methodology is moving further and playing an important role in insurance. Here are some examples of our cases:
- An insurer in an island had to face high operational costs, limited skilled people, and lack of space, and then it decided to move its whole IT department to the cloud.
- We also evaluated cases in which the need for a quick change to go to market forced the organization to create a separate organization to lead the change and act as another insurer.
- One insurer, in order to implement its best product, started all from ground up.It hired the right people, made organizational changes, and conducted several market research in order to understand what really its customers wanted. From that point on, the insurer started to customize its core system.
- Not to mention that Latin America has implemented its first peer-to peer insurer.
All of them are very interesting cases that make it difficult to describe in a single blog.
By evaluating all these cases a question arose, what was in common among these projects? I think the answer is simple. People leading these projects had a vision. Sometimes the long path to pursue success becomes bumpy, but it’s worth it. These cases are examples of people who embarked on a project to pursue a vision by using technology and methodology.
Celent has always acted as a catalyst agent that promotes change and innovation by leading projects and exposing case studies to the insurance industry. This year we’ve seen how insurance companies have responded by using technology to adapt themselves to a more competitive environment, and as part of Celent, I’m thrilled to be part of this evolution.