- Many insured are at risk.
- The event will likely draw the attention of governments and regulators.
- Swift response will mitigate further loss.
Celent announced the winners of its sixth annual Celent Model Insurer awards on Thursday, January 26, 2012 in Boston, MA. http://www.celent.com/reports/event-presentations-celent-2012-insurance-innovation-insight-day-featuring-celents-model. On hand were nearly 150 insurers and technology vendors. Celent Model Insurer Award nominations are open to insurers across the globe and recognize insurers who have successfully demonstrated key best practices in the use of technology within the product and policyholder life cycle and in IT infrastructure and management that a “model insurer” would use. Each award winner’s technology initiative is presented as a Model Insurer Component – components of a theoretical model insurer’s IT systems and practices.
Representing insurance technology “best of the best”, the 2012 Celent Model Insurer Awards honored projects in eleven categories. There were common themes in the award winning projects: an emphasis on innovation and emerging technologies like mobile, telematics, and geospatial risk management tools; a continuation of insurers using SOA/Web Services and ACORD standards as insurers build lasting, integrated solutions; and the increased digitalization of processes as insurers go green and automate process flows.
This year Celent received well over 80 submissions each representing a different technology initiative. Twenty-three Model Insurer Components and one Model Insurer of the Year were named. Nationwide Insurance won Celent’s Model Insurer of the Year recognition for their successful Catalyst Program, a five year consolidation of two $1 billion commercial property & casualty companies. Nationwide’s Catalyst program was successful because of several key best practices including: a strong IT/business alignment; the use of a multi-phase roadmap with “builds” in flight simultaneously; the successful adaptation of the IT department from being a maintenance organization to a systems deployment factory; and the use of effective change management throughout the organizations ensure business readiness.For more information on the Celent’s 2012 Model Insurer Awards please visit http://www.celent.com/reports/model-insurer-2012-case-studies-effective-technology-use-insurance. Our media partner, Insurance Networking News, has posted a slideshow of the event on their website at http://www.insurancenetworking.com/gallery/celent-innovation-insight-day-recap-29868-1.html.
Nominations for Celent Model Insurer Awards are accepted year-round. We will accept nominations for 2013 beginning February 2, 2012. The deadline for nominations is November 1, 2012. Will your recently implemented project be recognized as a Model Insurer in 2013? Submit and find out!
I’ve been doing research for several reports on the topic of IT outsourcing, some about utilizing cloud computing for hardware and some about working with vendors to handle consulting and development. While these two areas are conceptually very different, the approach and business values are quite similar.
One misconception about both is that they are used for “replacement.” By this I mean that an insurer uses cloud computing to replace their data center or an insurer utilizes an IT service provider to replace their IT organization. While in some instances this might be true, it is rarely the case.
The other misconception is that an insurer uses cloud computing or consulting services to lower costs. Lower cost might be one reason, but shouldn’t the only reason. Many CIOs, however, do approach IT outsourcing primarily for the perceived cost benefit, and Celent sees this as a mistake. In many cases, some or all of the long term costs might actually be higher. This does not mean a cost-sensitive insurer should avoid IT outsourcing, but, rather, should proceed with an outsourcing project while looking at the overall business values associated with it.
The added business values are the other area of similarly for hardware and development outsourcing. Both help a company increase capacity, one with increased server capacity and the other with increased human capacity. Both help a company access new capabilities that they didn’t have earlier; cloud computing providing rapid server deployment and failover (among other things), development outsourcing providing resources with skills sets that did not exist in house. And, finally, both work best when thought of as a long-term strategy that will complement the existing IT and not just as a temporary measure or as a replacement for existing resources.
The takeaway is that any organization looking at IT outsourcing–whether for hardware, software, or people–should focus not on cost but on long term business value. Organizations that only care about cost are often disappointed by the outcome. Organizations that have a strategy to bring new capabilities and business value to users will be successful.
- Drop all the tables in the database, recreate the tables in the database for ABC, and populate it with the same set of start data.
- Clear out any existing application code, then get and install the latest application code from development.
- In extreme cases, the entire test server OS will be reinstalled from scratch, though that is likely unnecessary for this level of application testing.