Twenty-three Model Insurer Components are described in this sixth annual edition, and Celent's Model Insurer of the Year is named.
In a new report, Celent Model Insurer 2012: Case Studies of Effective Technology Use in Insurance, Celent recognizes 23 insurance technology initiatives as "Model Insurer Components." The report also names Nationwide Insurance the Model Insurer of the Year. These best practices in the use of technology span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.
"Innovation is a common theme for many of the projects profiled in this year's report. The Model Insurer Components highlight several innovative uses of technology in insurance," says Karen Monks, analyst with Celent's Insurance group and author of the report. "Insurers have stepped up their use of emerging technologies and have had successes in doing so."
Nominations were accepted throughout 2011, and the Celent insurance team selected the winning initiatives based on the business benefits provided. Each Model Insurer Component is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.