Calling all UK General Insurers with a cool tech story!

Calling all UK General Insurers with a cool tech story!

Once again, Celent has teamed up with the Insurance Times for the 2012 Technology in Insurance Awards. These awards are the only dedicated insurance technology awards in the United Kingdom for general insurance. Last year’s awards were a huge success in recognising some terrific successes in our industry. We had 140 people attend a cocktail award’s ceremony in the iconic Gherkin building. LV=, Chartis, Ingenin, and HOV Global services were just a few of last year’s winners. Judges included Google, CEO of RSA, Editor of Insurance Times, and your own Celent analyst, myself.

This year, we have a two new categories which reflect the changing nature of technology:

– Best use in Social media

– Best use of analytics

So the important dates for your diary are:

We look forward to this year’s interesting and exciting nominations, and recognising the superstars and stellar effort that is made every year in our industry. Good luck!

Technology enabled claims

Technology enabled claims
Last month, I was invited to speak at the Insurance Times Claims Clinic in London. A key theme of the event was how to improve the claims process. It is our view at Celent, that looking at the industry as a whole, there is a very uneven use of modern claims technology. We’ve covered this topic in a greatreport that talks in detail about the different types of tool available to insurers for this key process. Being a business audience, I kept it focused around the benefits. We’ve estimated that careful use of technology can take out 4 or 5 points in the combined ratio. That’s very compelling. In a roundtable discussion after the event, it was clear there is still concern about ambitious IT projects and their likely success rates. As technologists, this is something we need to manage aggressively and continuously. It’s only through a collaborative partnership with the business, can we be successful. Future developments are unlikley to even out the use of technology in claims. Some insurers will have to play catch-up. Others will deepen their understanding and broaden their use of the functionality their claims systems provide. Both types of insurers will find their own variation on the theme of using fewer resources to restore claimants to their prior state quickly and fairly. Celent’s research shows investment in technology this year will continue, with longer decisions cycles and more focus on the business case. Now is the time for careful, targeting investment in claims technology in the organization. For more about the event and my presentation, check out http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=376970