Thirty-eight “Model Carrier Components” are
described in the second annual edition.
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.
