Thirty-eight �Model Carrier Components� are described in the second annual edition.
Boston, MA, USA – March 7, 2008 – Celent�s Model Carrier 2008 report recognizes 38 insurer technology initiatives as �Model Carrier Components.� 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, billing, claims, and reinsurance.
�We believe the carriers behind these initiatives deserve recognition because they�ve invested in technology and made it work,� says Celent senior analyst Chad Hersh, co-author of the report. �At the end of the day, solving business problems effectively is the ultimate sign of success.�
Craig Weber, Celent senior vice president, agrees. �The report answers the question, �What would it look like for an insurance carrier to do everything right with today�s technology?� We believe that these Model Carrier Components compose a sweeping vision to which all carriers can aspire.�
Nominations were accepted throughout 2007, and the Celent insurance team selected the 38 winning initiatives based on the business benefits provided. Each Model Carrier Component is described in a brief writeup within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.
The 2008 Model Carrier Components are:
- Accident Compensation Corporation (New Zealand): Distributed Enterprise Claims Management
- Accident Fund: Agent Portal
- AIG Direct: Flexible Billing Environment
- Alfa Insurance: Driving Adoption of E-Apps
- Allstate Financial: Online Applications Integrated with Tele-Apps
- Allstate Financial: Project Management Office and Center of Excellence
- Allstate Financial: Rationalized Data Model
- AnBang: Rules-Based Automated Underwriting
- Assumption Life: Straight-Through Processing
- Chubb: Common Rating Environment
- Chubb: IT Governance
- Chubb: Rules-Based Automated Renewals
- Commerce Insurance: Agency Portal
- Darwin Professional Underwriters: Straight-Through Processing for Expert Producers
- DTRIC: Integrated Contact Center/Underwriting/Policy Issue
- Esurance: Speed to Market through Enhanced Product Management Capabilities
- FBL Financial: Improved Policy Document Management
- Grange Insurance: Rich Functionality Agent Portal
- Groupama Spain: Application and Infrastructure Modernization
- Horace Mann: Integrated Claims Environment
- Insurance House: Enterprise Data Model and Warehouse
- Lincoln Financial: Agile Annuity Illustrations Platform
- MassMutual: Improved Illustrations
- MetLife Home & Auto: Improved Subrogation Assignment and Workflow
- Michigan Millers: Electronic Document Intake
- Midwest Family Mutual: Leveraging Work-from-Home Capabilities
- Nationwide: Massive Server Virtualization
- Penn National: Integrated GIS
- Pharmacists Mutual: SaaS BI to Improve Loss Ratios
- Republic: Straight-Through Processing for Commercial Lines
- Scottish Friendly Assurance: Consolidated and Modernized Policy Administration System
- Selective: SEMCI Support
- Standard Insurance: IT Infrastructure/SOA
- Sun Life Financial: Policy Document Issuance
- Tokio Marine & Nichido Fire Insurance Company: IT Renewal
- Unum: Document Automation
- Westfield: Straight-Through Processing and Automated Underwriting
- Westfield: Automated Book Transfer for Agents
Nominations for the 2009 report will be accepted throughout the year and may be submitted by carriers or their software vendor partners. For more information, go to www.celent.com.
The report is 37 pages. A table of contents is available online.
Celent’s service offering falls into two categories, consulting and research, each of which is dedicated to technology in the financial services industry. We help banks, brokerage firms and insurance companies use IT to enter new markets in the shortest possible timeframes. All of our services are geared towards facilitating better informed, faster decision making.