CELENT MODEL INSURER ASIA 2017: WHAT WE CAN LEARN FROM THE INITIATIVES

This post is an outline of CELENT MODEL INSURER ASIA 2017. Part 4 sums up this year’s entries in terms of 2017 nomination status and offers valuable insights, which we hope will be utilized effectively.

Conclusion

What can other insurers learn from the Model Insurer Asia initiatives?

Key learnings from the Model Insurer Asia case studies include:

  • Digitalization requires insurers to challenge each manual process and each check and balance to see if they are truly required, and if so, how they might be digitized.
  • Predictive analytics combined with infrastructures allowing insurers to exploit massive amount of data coming from various sources will be key investments insurers will pursue going forward.
  • The benefits of modernizing legacy systems are clear, but the process is neither easy nor often successful. Different methods may be used to achieve success, but all include strong oversight and clear direction. The most critical elements to any project’s success are best practices, organizational structures, and corporate culture.

Celent intends that by aggregating examples of best practices and achieved success metrics from across the industry, we can illustrate the degree to which insurers are making effective use of technology today and provide inspiration to insurers contemplating how to improve their own technology strategies.

Readers should take two key messages from the next report bellow. First, no one insurer does everything right. Rather, most insurers do some things right. Second, effective use of technology is more important than pursuing technology for the sake of technology. These are common among Model Insurer Asia 2017 winners.

 

— This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

 

New release:

CELENT MODEL INSURER ASIA 2017: CASE STUDIES OF EFFECTIVE TECHNOLOGY USE IN INSURANCE

 

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CELENT MODEL INSURER ASIA 2017: AWARD CATEGORIES AND NOMINATION STATUS, PART 3

This post is an outline of CELENT MODEL INSURER ASIA 2017. Part 3 explains 2017 nomination status, following Part 2. The trends and features of the projects in this year’s entries are summed up on a category by category basis in this part.

Legacy and Ecosystem Transformation

The benefits of modernizing core legacy systems are clear and compelling

  • Gaining a competitive advantage — or achieving competitive parity.
  • Reducing operational and IT costs.
  • Making better underwriting and claims decisions.
  • Seizing analytic advantages when information and processes become completely digital.

However, modernizing core legacy systems is easier to think about than to do. Modernization projects are costly: both in terms of cash out-the-door and in terms of staff resources (full-time or part-time assignments to design and implementation teams, backfilling those vacated positions). Technical complexity is usually high due to substantial amounts of IP (intellectual property) embedded in the rules, product definitions, and processes; as well as long established integration protocols (often point to point) with other internal operating and back-office systems.

This category has also reached its highest number of entries. In Asia, a large number of legacy modernization projects are being implemented. Even though they differ according to the company, what is common among them is use of cloud computing. They apply it to a common system platform throughout the company in order to standardize their system. Three representative projects are introduced below.

2017 Model Insurer Asia Candidate Projects: Legacy and Ecosystem Transformation

COMPANY PROFILE

PROJECT SYNOPSIS

Life insurance

Implemented a new business application to replace six disparate application systems, and to remove scalability and dependency issues.

General insurance

Implemented a new claims system to streamline and improve processes and system infrastructure, increase operational efficiencies, and provide better customer service.

General insurance

Implemented robotic business process automation and launched a chatbot to automate the business process as well as resolve customer queries accurately and efficiently.

 

Operational Excellence

Implementing new projects and technologies delivers demonstrable results. However, insurers also can generate significant financial improvements by improving the way they do business and the way they operate within the organization.

Sometimes operational improvements are generated by modifying the internal processes to be more efficient. Sometimes simply increasing collaboration and relationships between business and IT can result in operational improvements. While there are technology systems (project management tools, asset management tracking applications, etc.) that are helpful in this area, the most critical elements to success are best practices, organizational structures, and corporate culture.

All Model Insurer projects have some element of organizational excellence embedded within them; otherwise they would likely not have succeeded. Winners of the Model Insurer Asia in this category are insurers that have demonstrated excellence in a project specifically targeted at building a lasting foundation for IT management and operational excellence.

Asian insurance companies are trying to achieve a more modernized operational model and enterprise integration through the modernization of legacy systems. For insurance companies to develop and sell new products or services, the ability to make use of modern technology and establish excellent operational models is essential. Three examples that have achieved this are introduced below.

2017 Model Insurer Asia Candidate Projects: Operational Excellence

COMPANY PROFILE

PROJECT SYNOPSIS

Life insurance

Implemented a project tracking and management system incorporating project management best practices to ensure a drastic reduction in the problems faced by end users.

Life insurance

A Smart sales platform which automates end to end sales process from Target Planning – Activity Management – Lead Management – Sales Fulfillment – Performance Dashboard.

 

— This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

 

To be continued – Click here

CELENT MODEL INSURER ASIA 2017: AWARD CATEGORIES AND NOMINATION STATUS, PART 2

This post is an outline of CELENT MODEL INSURER ASIA 2017. Part 2 explains 2017 nomination status. The trends and features of the projects in this year’s entries are summed up on a category by category basis in this part.

Data Mastery and Analytics

Analytics is a domain that has been given a new birth in the financial services industry recently. The crucial role new sophisticated analytics systems play in today’s insurance comes from different factors that are driving interest:

  • New data sources: data insurance companies can leverage has exponentially grown. Data sources are found not only in internal information systems but also in external sources.
  • The need to improve technical ratios: the insurance industry needs to find new ways to improve profitability, and in mature markets growing the business has become difficult. Therefore insurance companies understand they need to make investments in core business areas including: underwriting, pricing, claims, etc.
  • Emergence of new data analysis techniques: data sciences have made considerable progress over the past decades, and the emergence of new technologies has enabled drastic improvements in data analysis techniques including big data and machine learning.

This category’s entries include the following projects, which are all ambitious and totally worthwhile.

2017 Model Insurer Asia Candidate Projects: Data Mastery and Analytics

COMPANY PROFILE

PROJECT SYNOPSIS

Life, General insurance, Wealth management and Retirement solutions

Leveraged big data analytics to change its retention approach from policy-centric to customer-centric.

General insurance

Created an agriculture insurance system with use of best practices and experience of field data management.

 

Digital and Omnichannel

Digital is a phenomenon affecting every process and operation in insurers as well as the ecosystem of partners and their customers. The increasing abundance of data, the sheer number of gadgets, cameras, and sensors, and the role of advanced analytics is reshaping what is available and reasonable to expect in real time. Insurers want to transform their processes and make them digital to meet the changing expectations of staff, suppliers, and customers. Industries around the globe either leverage digital technologies or find themselves having to respond to digital disruption.

Digital transformation is a vast topic that insurers globally have tried to address for many years. Celent defines digital transformation as the strategy of transferring as many manual tasks as possible into digital activities. This strategy can be achieved in different ways, including:

  • Automating processes.
  • Selling products online.
  • Leveraging mobile devices and mobile technologies in general.
  • Dematerializing documents and communication materials.

Digital requires a different way of thinking about business and forces insurers to challenge each manual process and each check and balance. The insurer must test to see if these are truly required, and if so, how they might be digitized. Many insurers have sought to bring straight-through processing to parts of their claim process, to leverage digital channels to capture information, and to update their customer. It takes a different level of commitment to try to drive that thinking all the way through the process.

This category received the highest number of entries this year. Every insurance company in Asia seems to be trying to aggressively adopt digital technology. Moreover, we found many digital transformation examples, which vary depending on the insurance company’s profile, competition, and customer base. Accordingly, we can say that the projects in this category show the most potential. We sorted the entries into five sub categories and have introduced a representative project from each one in the list below.

2017 Model Insurer Asia Candidate Projects: Digital and Omnichannel

THEME CATEGORY

COMPANY PROFILE

PROJECT SYNOPSIS

Support agent channel

General insurance

Developed a mobile app for agents, enabling them to tap the market without depending on back office staff for quotes and writing policies

Omnichannel

General insurance

Implemented an OEM Integration platform to enable OEMs and insurance aggregators instant policy servicing in their respective applications without any manual intervention by the insurance company.

Multiple channels

Life insurance

Implemented a mobile app to provide end-to-end sales tools that enable instant policy issuance, bundled with good customer experience.

Service

Health insurance

Created a digital office with a self-service portal for customers and an online distribution tablet solution for advisors.

Enterprise-wide

General insurance

Promoted computerization to create the next generation agency business model, without forgetting the humanity of employees, agents and customers.

 

Innovation and Emerging Technology

Innovation continued to gain traction. Changing customer expectations, digital transformation, growth needs in the face of resource scarcity, and environmental concerns are impacting every industry, including financial services. These changes accelerate the growth of the sharing economy and the demand for new customer value.

For example, the rise of sensors and intelligent digital ecosystems blur the boundaries between the digital and physical worlds and generate massive new data sources. Next generation analytics and artificial intelligence are coming on stream to harness that data and provide new services to prospects and clients.

Celent’s research on innovation plans in financial services for 2016 (Innovation Outlook 2016) found that the pressure to discover new sources of value for customers will continue. In 2017, implementing known solutions in these areas to gain parity with competitors will continue to be a priority.

In Innovation and Emerging Technologies, we can see the history of each company’s projects and their future strategy. Innovations are becoming more and more important, particularly from strategic perspective, as is obvious from the projects in this year’s entries. On the other hand, innovations should not be transient events but persistent changes in a set routine, which will lead to improvements in corporate quality. We have introduced two of the projects below that prove how important and effective innovations are for companies to grow.

2017 Model Insurer Asia Candidate Projects: Innovation and Emerging Technology

COMPANY PROFILE

PROJECT SYNOPSIS

Insurer's innovation centre

Created an innovation framework and culture to generate new revenue streams from new business models and digital capabilities based on customer insight.

Digital insurance company that is a joint venture partnership between Insurer and Bank

Implemented an end-to-end insurance software in the cloud deployed by a single software vendor.

 

— This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

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CELENT MODEL INSURER ASIA 2017: AWARD CATEGORIES AND NOMINATION STATUS, PART 1

This series of posts is an outline of CELENT MODEL INSURER ASIA 2017. Part1 explains award categories.

We received a large number of entries for this competition again this year. We carefully examined these, from the end of the year 2016 to the beginning of 2017, in each of five categories.

The vision for Celent’s Model Insurer research is to try to answer an apparently simple question: What would happen if an insurer utilized today’s technology in the most effective way? Now technology is playing a more important role in every insurer’s strategy than ever before.

CELENT MODEL INSURER AWARDS consists of the following five categories, which embody the vision detailed above. In other words, these five themes are essential for any modern insurance company that wants to successfully carry out best practices.

Data Mastery and Analytics

Data has become a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis); prescriptive analytics (triage, sales automation, “next best action”); and virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis).

Digital and Omnichannel

Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates complex tasks, allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes; engaging user interfaces; online sales with STP; integration with business partners; leveraging social networks; and the use of mobile technology.

Innovation and Emerging Technology

Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization. This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem.

Legacy and Ecosystem Transformation

Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, document management, customer relationship management, new business, illustrations, billing, claims, and rating/underwriting.

Operational Excellence

What does it take to safeguard investments in technology and improve upon IT processes? This theme recognizes projects such as successful reuse of technology for new initiatives; implementation of a non-core system such as illustrations, document automation, electronic applications, best practices in IT governance, IT operational management or IT risk management and security policies.  Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.

 

— This event celebrates the success of the Model Insurer Asia winners. In addition, we will preview the Model Insurer Asia Report.

Celent Innovation & Insight Day Asia featuring Model Insurer Asia Awards

 

To be continued – Click here

The 2017 Model Insurer Asia Nominations Start Now!

Every year, Celent recognizes the effective use of technology through its Model Insurer Asia Awards program. We are pleased to announce that the nomination period for 2017 award is now open.

From September 15, we will be accepting Model Insurer Asia nominations. The window for new entries will close on November 30. We are looking forward to receiving your best IT initiatives. The Model Insurer Asia award program recognizes projects that essentially answer the question:

"What would it look like for an insurance company to do everything right with today’s technology?"

It awards insurance companies which have successfully implemented a technology project in five key categories:
•Data mastery and analytics.
•Digital and omnichannel technology.
•Innovation and emerging technologies.
•Legacy transformation.
•Operational excellence.

Past winners include Max Bupa Health Insurance, Ageas Insurance Company (Asia), AXA Asia, Birla Sun Life Insurance, Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance, Cathay Century Insurance, and Ping An Direct to name a few.

Does your company have what it takes?

If you believe that your company exhibits best practices in the use of technology, please read the Model Insurer Asia Submission Guidelines, and complete the brief nomination form by November 30, 2016.

Call for nomination for Model Insurer Asia Award, deadline extended

Celent is still accepting nominations for our Sixth Annual Model Insurer Asia Awards. To nominate a firm, fill out the entry form at http://www.celent.com/node/31094 by November 13, 2015. Please read the Guidelines on the same page before you complete the nomination form. Questions? Email Wenli Yuan at wyuan@celent.com and copy KyongSun Kong at kkong@celent.com.

Nominations for the Sixth Annual Celent Model Insurer Asia Awards (2016 Awards) are now Open!

Every year, Celent recognizes the effective use of technology in the Asia Pacific region through its Model Insurer Asia Awards program. The nomination period for 2015 has already open. If you know of an insurance company which exhibits best practices in the use of technology, please click here and complete the nomination form. Submissions are being accepted until 30 October 2015. Through our Model Insurer Asia Awards Program, Celent recognizes the year’s top technology initiatives. Past winners include Max Bupa Health Insurance, Ageas Insurance Company (Asia), AXA Asia, Birla Sun Life Insurance, Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance, Cathay Century Insurance, and Ping An Direct to name a few. Celent’s Model Insurer research is designed to try to answer an apparently simple question: “What would it look like for an insurer to do everything right with today’s technology?” Obviously, the question is not nearly as simple as it appears. The terms “everything” and “right” will mean very different things to different insurance companies depending on their size, the complexity of their operations and product sets, and their technological starting points. The approach that Celent has taken therefore is to offer, at a high level, some key best practices in the use of technology across the product and policyholder life cycle and in IT infrastructure and management that a “model insurer” would use. On the back of the global Model Insurer research by our colleagues in North America and Europe, we at Celent Asia are conducting an Asia Pacific specific program to identify the potentially unique “Model Insurer” solutions that have recently been deployed in our region. Of course, there is no such thing as a “Model Insurer Asia” — every insurer does some things well, and others not as well when it comes to technology. Therefore, Celent is gathering leading real world examples of the effective use of technology in the Asia Pacific region. These case studies are presented annually at Celent’s annual Model Insurer Asia Event. The cases represent key themes that Celent sees in the insurance industry today:
  • Legacy and Eco-system Transformation: Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but transform, their internal systems and the ways in which they interact with a vast web of customers, counterparties and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, billing, claims, and rating/underwriting.
  • Digital and Omni-channel Technologies: Digital transformation is moving from the physical to the virtual world, from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and silo-ed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates formerly complex tasks allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes, engaging user interfaces, online sales with STP, integration with business partners, leveraging social networks, and the use of mobile technology.
  • Innovation and Emerging Technologies: Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into to previously untapped markets due to technology, the use of technologies not previously used in the insurance industry, or the development of an innovation culture within an IT organization.
  • Data Mastery and Analytics: Ever since technology began to be used beyond pure accounting in the industry, data has become a key source of competitive advantage for identifying profitable niches, managing risk and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis), prescriptive analytics (triage, sales automation, ‘next best action’), and virtualization (dashboards and heat maps, catastrophe management, network analysis, geo-political risk analysis).
  • Non-core Implementation Best Practices: Once an insurer has designed its strategy and roadmap for its enterprise architecture, the next challenge is how to navigate a successful path through implementation and how to protect the investment in new systems it has selected. What does it take to safe-guard new investments in technology and answer the inevitable question “What’s next?” This theme recognizes projects such as the successful reuse of technology for new initiatives, successful implementation of a non-core system such as illustrations, document automation, electronic applications, or agency management systems, or finding successes in new methods and processes for distribution and sales.
  • IT Management Best Practices: IT Management is the discipline whereby all of the information technology resources of a firm are managed in accordance with its needs and priorities. While there are technology systems that are helpful in this area, the most critical elements to success are best practices, organizational structures, and corporate culture. IT and business alignment requires a solid and lasting foundation for IT management across all of the projects. Building a predictable and reliable IT management organization is the final challenge. This award recognizes IT departments for building a better organization and showing the success with the new methods or processes.
An important note is that a Model Insurer Asia Award is recognition of an insurer’s effective use of technology in a certain area or theme, not necessarily a statement that the insurer is absolutely best in class (although some may be). Model Insurer success highlights the insurer’s ability to improve performance and meet market demands when tackling issues that face all insurers today. To nominate an initiative at your company as a Model Insurer Asia, please use the following brief form below. Please note that vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive an award. All nominations MUST include insurer contact information, and all follow-up will be done primarily with the insurer, not the vendor. Guidelines for Celent Model Insurer Asia Award Submissions This information will assist you in completing a nomination form for a Celent Model Insurer Asia Award.  Below are generalized criteria that are considered by Celent when evaluating submissions. For further details, you can also download the attached complimentary report: Becoming a Celent Model Insurer: A Guide to Celent’s Annual Award Program. General submission and award criteria:
  • The initiative has been implemented in the Asia Pacific region at an insurance company (a company that takes on risks under the policies it sells in return for the payment of premiums). MGA, TPAs or self-insured companies are not eligible for nomination. The nominated initiative is LIVE and functioning at the insurance company. Pilot programs are not considered live and in production.
  • The nominated insurer has been involved in the submission and is willing to be actively involved in the post submission evaluation process which includes follow up emails and interviews, and possible inclusion in the Celent Model Insurer Report.
  • Quantitative success metrics are measured and provided. Nominations without quantitative success metrics will not be accepted.
  • Quantifiable results from a pilot program are acceptable however it must be noted that the results are from a pilot. Full production results are preferred.
  • The initiative has not been submitted for another Celent 2016 Award, e.g., Model Insurer.
Quality of Nominations The importance of the quality of the nomination itself, and of the supporting information, cannot be overemphasized. The nomination should be as specific, accurate, and complete as possible. It is imperative that the true merits of the initiative be conveyed through this information. Keep in mind that in most cases those involved in the selection process will have no personal knowledge of the nominated initiative and will lean heavily on the information provided below for the information they need to make reasonable judgments. In some cases, Celent will check publicly available information to augment or substantiate the information provided. The deadline for nominations is Friday, 30 October 2015. Once submitted, all communication will occur between Celent and the insurer, however Celent will acknowledge the receipt of the submission with both the insurer and, if applicable, the vendor partner.

Nominations for the Fifth Annual Celent Model Insurer Asia Awards (2015 Awards) are now Open!

Every year, Celent recognizes the effective use of technology in the Asia Pacific region through its Model Insurer Asia Awards program. The nomination period for 2014 has already open. If you know of an insurance company which exhibits best practices in the use of technology, please click here and complete the nomination form. Submissions are being accepted until 31 October 2014. Through our Model Insurer Asia Awards Program, Celent recognizes the year’s top technology initiatives. Past winners received their recognition through outstanding implementation of technology areas such as agent portals, document management, claims, billing, distribution management, and policy administration. Past winners include Max Bupa Health Insurance, Ageas Insurance Company (Asia), AXA Asia, Birla Sun Life Insurance, Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance, and Cathay Century Insurance, to name a few. Celent’s Model Insurer research is designed to try to answer the deceptively simple question: What would it look like for an insurer to do everything right with today’s technology? Obviously, the question is not as simple as it appears. The terms “everything” and “right” will mean very different things to different companies. The approach that Celent has taken is to tease out high level best practices in the use of technology across the product and policyholder life cycle and in IT infrastructure and management that a Model Insurer would use. On the back of the global Model Insurer research by our colleagues in North America and Europe, we at Celent Asia are conducting an Asia Pacific specific program to identify the potentially unique Model Insurer solutions that have been recently deployed in our region. Of course, there is no such thing as a Model Insurer Asia across the board. Therefore, we focus on specific real world examples of individual technology initiatives in the Asia Pacific region. These case studies are presented at Celent’s annual Model Insurer Asia event and represent key themes: •Legacy and ecosystem transformation: Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, billing, claims, and rating/underwriting. •Digital and omnichannel technologies: Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates complex tasks, allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes; engaging user interfaces; online sales with STP; integration with business partners; leveraging social networks; and the use of mobile technology. •Innovation and emerging technologies: Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization. •Data mastery and analytics: Data has become a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis); prescriptive analytics (triage, sales automation, “next best action”); and virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis). •Non-core implementation best practices: What does it take to safeguard investments in technology and answer the inevitable question, “What’s next?” This theme recognizes projects such as successful reuse of technology for new initiatives; implementation of a non-core system such as illustrations, document automation, electronic applications, or agency management systems; or finding successes in new methods and processes for distribution and sales. An important note is that a Model Insurer Asia Award is recognition of an insurer’s effective use of technology in a certain area or theme, not necessarily a statement that the insurer is Best in Class. Model Insurer Asia success highlights the insurer’s ability to improve performance and meet market demands when tackling issues facing the industry today. To nominate an initiative at your company as a Model Insurer Asia, please use the brief form on here: Nomination form. Please note that vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive an award. All nominations MUST include insurer contact information, and all follow-up will be done primarily with the insurer, not the vendor. Guidelines for Celent Model Insurer Asia Award Submissions: This information will assist you in completing the nomination form. Below are generalized criteria that are considered by Celent when evaluating submissions. General submission and award criteria: •The initiative has been implemented in the Asia Pacific region at an insurance company, a company that takes on risks under the policies it sells in return for the payment of premiums. MGA, TPAs or self-insured companies are not eligible for nomination. •The nominated initiative is LIVE (in production) and functioning at the insurance company. Pilot programs are not considered live and in production. •The nominated insurer has been involved in the submission and is willing to be actively involved in the post submission evaluation process which includes follow up emails and interviews, and possible inclusion in the Celent Model Insurer Asia report. •Quantitative success metrics are measured and provided. Nominations without quantitative success metrics will not be accepted. •Quantifiable results from a pilot program are acceptable however it must be noted that the results are from a pilot. Full production results are preferred. •The initiative has not been submitted for another Celent 2015 Award, e.g., Model Insurer. Quality of Nominations The importance of the quality of the nomination itself, and of the supporting information, cannot be overemphasized. The nomination should be as specific, accurate, and complete as possible. It is imperative that the true merits of the initiative be conveyed through this information. Keep in mind that in most cases those involved in the selection process will have no personal knowledge of the nominated initiative and will lean heavily on the information provided below for the information they need to make reasonable judgments. In some cases, Celent will check publicly available information to augment or substantiate the information provided. The deadline for nominations is Friday, October 31, 2014. Once submitted, all communication will occur between Celent and the insurer, however Celent will acknowledge the receipt of the submission with both the insurer and, if applicable, the vendor partner.