Celent Analyst Reviews
Innovation is consistently recognised as a leader across our broad range of business process services and technology. Hear what industry analysts from Celent say:
Innovation Group’s Innovation Symbility Solution Recognised in Celent’s 2010 Indemnity Spending in UK Property Insurance … Is This a Missed Opportunity? Report
“In the last five years, claims and expenses for the sector have risen by 22%, while premium (commercial, household, and domestic) has only grown by 15%. Extrapolate these growth trends, and it’s clear that the sector will face serious profitability challenges in the coming years. In addition, these are not benign times for property insurers—increased flooding, aggregators, and fraud all pose challenges.” ... goes on to say “It will become increasingly important for insurers to have control over indemnity spending to reverse this trend. Celent believes that there are solid technology options to support the insurer in doing just this. Using technology, an insurer can anchor the claim at the point of FNOL and improve fairness, accuracy, speed, and consistency of claims. The claim handler can make better decisions about fulfillment choices according to insurer strategies. Case studies show reductions in indemnity spending of 10%, and a reduction in adjuster review time of 50%. These are precisely the types of improvements insurers need to seek in the coming years to protect their property book.Celent believes that effective use of these tools can generate savings of 10–15% for indemnity spending, and reduce adjuster review time by 20–40%.”
Catherine Stagg-Macey
Senior Analyst in Celent’s Insurance Group
Innovation Group’s Customers using Innovation Claims or Policy Recognised in Celent’s 2010 Model Insurer Report
“The 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?” Given the recent economic environment, this question is more applicable today than ever before. Capital-constrained insurers must leverage all available resources to the maximum to meet market challenges. The approach Celent takes to identify model insurers is to offer, at a high level, some key best practices in the use of technology across various areas of the industry—whether in components of the product and policyholder lifecycle or general areas such as IT management, service, or business process outsourcing—that a “model insurer” would use. These areas are illustrated by case studies of specific initiatives and capabilities, selected from the many submissions and presented in this report as “Model Insurer Components. A case study typically includes multiple examples of best practice and/or outstanding results.”
Michael Fitzgerald
Senior Analyst in Celent’s Insurance Group
“The economic challenges have placed a growing focus on transformation and operational effectiveness to achieve sustainable profitability and growth. Having the right vision, technology, business practices and business partner is more important than ever for insurers. Innovation Group’s customers were selected as a Model Insurer, in part, because their initiatives highlight the strategic and operational impact of innovation and transformation using modern technology and a partner who pushes new ideas, energy and change with both traditional and non-traditional insurance market players, thereby challenging the status quo.”
Craig Weber
Senior Vice President in Celent’s Insurance Group
Innovation Group’s Innovation Claims Receives High Marks in Celent’s 2008 Core Claims Systems Vendor Report
“Innovation Claims provides a deep and broad set of functionality.” He goes on to say the Innovation Claims system “has a thoughtfully designed UI (user interface) with a host of helpful usability features. The rearchitecture of the Innovation Insurer suite provides a functionally-rich end-to-end range of processing and analytic capabilities.”
Donald Light
Senior Analyst in Celent’s Insurance Group
Innovation Group’s Innovation Policy Receives High Marks in Celent’s 2009 Policy Administration Systems for Personal Lines P/C Insurers US Report
“With Innovation Policy and the other available systems, Innovation Group provides an end-to-end suite of insurance functionality.”……..it goes on to say “The new end-user interface is a big step, leapfrogging some other modern systems in usability. The web-based end-user application is the same for internal and external users, with underwriters and policy service desktops providing a deeper set of access and functionality.”
Innovation Group’s Innovation Policy Receives High Marks in Celent’s 2009 Policy Administration Systems for Property and Casualty Insurers in Asia Report
“With Innovation Policy and the other available systems, Innovation Group provides an end-to-end suite of insurance functionality”………….goes on to say “Innovation Policy is fully services oriented. The new end user interface is a big step, leapfrogging some other modern systems in usability.”
Innovation Group’s Innovation Clear Analytics Receives High Marks in Celent’s November 2008 Insurance Data Mastery Solution Spectrum Report
“Innovation Group’s Innovation CLEAR is a reporting and analysis solution designed to provide strategic data to insurance company decision makers. The solution can be used either on its own or with other Innovation Group products as part of a complete suite.”……….goes on to say “Innovation Group stresses that CLEAR does not need data cubes in order to get rapid query responses due to its non-aggregated data model and emphasises its long track record with the insurance industry and expertise of its staff.”