Celent report examines insurance technology ‘best practices’

Celent’s Model Carrier 2008 report has been issued, recognizing 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, Celent notes in a news release announcing the report.
The report is available at: http://www.celent.com/reports/ModelCarrier/2008/ModelCarrier2008.pdf
The report lists a number of IT “model components” and some carriers using them.
For example, in the section of its report on agent portals, Celent notes: “key elements include electronic quoting and application submission, straight-through processing to underwriting and policy issue, new business ‘process transparency,’ commissions information, integration with agency management systems, comprehensive policyholder information, secure messaging environment, the ability to download materials (forms, customized proposals and letters, etc.) and leads distribution.”
Model carrier component cases include those of Allstate, Commerce Insurance, Darwin Professional Underwriters, Grange and Selective.
In claims, the report notes, key elements include an electronic case file, rules-based workflow and skills-based routing, automated fraud and subrogation referrals and automated medical bill review and-for P/C insurers-wireless adjusters.
Model carrier component cases in claims include Accident Comp. Corp. of New Zealand, Horace Mann, and MetLife.