(Image source: Celent.)
This week research and advisory firm Celent (Boston) presented its annual Model Insurer Awards at the annual Celent Innovation & Insight Week, recognizing Toggle, a Farmers Company (Los Angeles) as Model Insurer of the Year, as well as 16 other winners, representing nearly 100 applicants from 28 countries. The 16th annual Awards recognize insurance companies using best practices in five areas of accomplishment: Data & Analytics, Digital and Emerging Technologies, Customer Experience Transformation, Innovation Execution, and Legacy and Ecosystem Transformation.
“Since our Model Insurer program started sixteen years ago, Celent has identified Model Insurers by looking at best practices in the use of technology across various areas of the industry—whether in components of the product and policyholder lifecycle or in theme areas such as digital, innovation, or legacy transformation,” comments Karlyn Carnahan, Head of Insurance, North America, Celent. “These areas were illustrated by case studies of specific initiatives and capabilities, selected from the many submissions received and presented in our annual Model Insurer reports.”
Carnahan notes vision for Celent’s Model Insurer research is to try to answer an apparently simple question: “What would it look like for an insurer to do everything right with today’s technology?” The question is not nearly as simple as it appears, she cautions, because the terms ‘everything’ and ‘right’ mean very different things to different insurers depending on their size, the complexity of their operations the product sets, and their technological starting points.
“This is the sixteenth year we’ve awarded recognition for model insurers, and I have to say, each year, the submissions get more and more impressive,” Carnahan adds. “This year we received almost 100 submissions across the different categories.. We also saw submissions from 28 countries. And we were excited to announce 17 winners plus award our Model Insurer of the Year Award.”
The full list of Model Insurer Awards is as follows:
Model Insurer of the Year
Toggle, a Farmers Company
Data & Analytics
Bulstrad Vienna Insurance Group
Digital and Emerging Technologies
Lincoln Financial Group
Customer Experience Transformation
Cathay Life Insurance
Legacy and Ecosystem Transformation
West Bend Mutual
AIA Group Limited
Menora Mivtachim Insurance Ltd.