Eighteen “Model Carrier Components” are described in this third annual edition, plus Celent�s first annual “Model Carrier of the Year” is named.
New York, NY, USA – January 29, 2009 – In a new report, Celent Model Carrier 2009: Case Studies of Effective Technology Usage in Insurance, Celent recognizes 18 insurance technology initiatives as “Model Carrier Components.” The report also names Farmer Alliance Mutual Insurance the “Model Carrier 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, billing, claims, and document automation. The report also explains 10 IT best practices and nine measurable business results common to all of the Model Carrier Components.
“One common element of the projects profiled in this report is that people in all levels of the organization contributed to the success,” says Celent senior analyst Jeff Goldberg, author of the report. “Carriers that understand how IT and business work together are the ones that accomplish the most.”
Model Carrier Components 2009
- AIG Private Group: ePCG New Business Automation
- Allianz and Aviva (Joint Award): Account Reconciliation Center
- Allstate: Centralized Quality Services Framework
- AssuranceAmerica: Business Intelligence for Better and More Efficient Customer Service
- Assurant: Online Claims Management
- Conseco: Reduced Systems Complexity, PerformancePlus
- Farmers Insurance: Business Insurance Express
- GEICO: Advanced Customer Billing Options
- General Casualty: Personal Lines Agency Point of Sale Enhancements
- Grinnell Mutual Reinsurance Company: Workflow Automation and Paperless Processing
- The Harford Mutual Insurance Companies: Ratabase Rating Conversion
- Independence Blue Cross: Paper Elimination “eKit Project”
- Metropolitan Life Insurance Company: Attending Physician Statements Outsourcing
- Penn National Insurance: Personal Lines Replacement Support
- Real Insurance: Pay-As-You-Drive Product and Systems Implementation
- Tokio Marine and Nichido Fire Insurance Company: New agency management system, “TNet”
- WPS Health Insurance: Document Generation Solution
- Farmers Alliance: Model Carrier of the Year 2009
Nominations were accepted throughout 2008, and the Celent insurance team selected the 19 winning initiatives based on the business benefits provided. Each Model Carrier Component is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.
Nominations for the 2010 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.
This 54-page report contains 18 carrier profiles, one case study, three tables, and one figure.
A table of contents is available online.
Members of Celent’s Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact [email protected] for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com