Key research questions
- What would it look like for an insurer to do everything right with today’s technology?
- Why are best practices and measurable business results for operational excellence projects?
- What can other insurers learn from the winning operational excellence initiatives?
Abstract
Celent recognizes four companies with a 2018 Model Insurer Award for Operational Excellence:
- AIG
- American Modern Insurance Group (Munich Re)
- Bajaj Allianz
- VitalityLife
This year's Operational Excellence model insurer winners represent the creative ways that insurers are excelling at improving operational efficiency. The awards are global, with winners from India, Korea, United Kingdom, and North America. The projects demonstrate innovations in gamification, robotics, business transformation, and underwriting.
In the face of intensifying digital disruption and the need to remain competitive, organizations must embrace emerging technologies and innovate to drive growth through new business models, new and improved product offerings, and increased customer engagement — while reducing costs and gaining operational improvements. Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible, and of higher quality. It’s not just what is done, but how it’s done. The initiatives should have lasting effects and transform the organization in multiple aspects: Processes, Technology, Culture, and Business Model.